Simple index for each of the four items using 2010 as the base period.

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Chapter 17, Problem 45CE

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To find: Simple index for each of the four items using 2010 as the base period.

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Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given. Compute a simple price index for each of the four items. Use 2010 as the base period. (Round your answers to 1 decimal place.)

Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.

A price relative was computed for houses. The base period is 2005. The price relative in 2010 was 130. The interpretation of the price relative is that a. there has been a 130% increase in the price of houses from 2005 to 2010. b. there has been a 30% increase in the price of houses from 2005 to 2010. c. the price of houses in 2010 was $130 higher than the price in 2005. d. It is impossible to interpret the index.