Year Price of Pizza Price of Beer $10 $12 $14 $15 $16 $17 2010 2011 2012 Table 2. Let 2010 be the base year Use the following market basket: 100 pizzas 300 cases of beer Refer to Table 2. What is the price index in 2011? a) 109 b) 105 c) 125 d) 120

Year Price of Pizza Price of Beer $10 $12 $14 $15 $16 $17 2010 2011 2012 Table 2. Let 2010 be the base year Use the following market basket: 100 pizzas 300 cases of beer Refer to Table 2. What is the price index in 2011? a) 109 b) 105 c) 125 d) 120

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Year
Price of Pizza
Price of Beer
$10
$12
$14
$15
$16
$17
2010
2011
2012
Table 2. Let 2010 be the base year
Use the following market basket:
100 pizzas
300 cases of beer
Refer to Table 2. What is the price index in 2011?
a) 109 b) 105 c) 125 d) 120

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