Evaluate a simple price index for each of four items. Employ 2000 as the base period.
|
Item
|
2000 Price Quantity
|
2004 Price Quantity
|
|
Margarine (pound)
|
$0.81
|
18
|
$0.89
|
27
|
|
Shortening (pound)
|
$0.84
|
5
|
$0.94
|
9
|
|
Milk (1/2 gallon)
|
$1.44
|
70
|
$1.43
|
65
|
|
Potato Chips
|
$2.91
|
27
|
$3.07
|
33
|