A compute and interpret the simple price index for each, Basic Statistics

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A compute and interpret the simple price index for each

JJ Diner is a small mom and pop restaurant in Lincoln, Nebraska. They offer three choices for breakfast: omelets, pancakes, or cereal. The average prices (in dollars) for these options for 2007,2008, and 2009 are shown in the accompanying table.

1282_three choices for breakfast.png

a. Compute and interpret the simple price index for each breakfast, using 2007 as the base year.

b. Compute and interpret the unweighted aggregate price index for breakfast, using 2007 as the base year.

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