Betts Electronics purchases three replacement parts for the robotic machines employed in their manufacturing process. Information on the price of replacement parts and quantity purchased is given below.
|
Part
|
Price
2000 2004
|
Quantity
2000 2004
|
|
RC-33
|
$0.50
|
$0.60
|
320
|
340
|
|
SM-14
|
$1.20
|
$0.90
|
110
|
130
|
|
WC50
|
$0.85
|
$1.00
|
230
|
250
|
Evaluate a simple aggregate price index for 2004. Employ 2000 as the base period.