you know the price of a particular home in your town, you can use the index to find the price of a comparable house in another town with the formula below. price price index (other town) index (your town) (other town) (your town) A comparable house in City F would cost about $ Round to the nearest dollar.) A comparable house in City B would cost about $ Round to the nearest dollar.) CELL A comparable house in City A would cost about $ Round to the nearest dollar.) City A 58 City B 164 City F City G 200 City C 100 City H 50 City D 367 City J 92 City E 195 City K 482

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 17P
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The following table shows a housing index that can be used to compare housing prices in different cities. Suppose you see a house valued at $280,000 in City E. Find
the price of a comparable house in City F, City B, and City A.
If you know the price of a particular home in your town, you can use the index to find the price of a comparable house in another town with the formula below.
index (other town)
index (your town)
price
price
(other town) (your town)
=
X
A comparable house in City F would cost about $.
(Round to the nearest dollar.)
A comparable house in City B would cost about $.
(Round to the nearest dollar.)
***
A comparable house in City A would cost about $
(Round to the nearest dollar.)
City Index City Index
City A 58 City F 49
City B 164 City G 200
City C 100 City H 50
City D 367 City J 92
City E 195 City K 482
Transcribed Image Text:The following table shows a housing index that can be used to compare housing prices in different cities. Suppose you see a house valued at $280,000 in City E. Find the price of a comparable house in City F, City B, and City A. If you know the price of a particular home in your town, you can use the index to find the price of a comparable house in another town with the formula below. index (other town) index (your town) price price (other town) (your town) = X A comparable house in City F would cost about $. (Round to the nearest dollar.) A comparable house in City B would cost about $. (Round to the nearest dollar.) *** A comparable house in City A would cost about $ (Round to the nearest dollar.) City Index City Index City A 58 City F 49 City B 164 City G 200 City C 100 City H 50 City D 367 City J 92 City E 195 City K 482
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