After a visit from his mother he adds oranges to his diet


Question: The Food Faddist Price Index. A food faddist eats only steak, rice, and ice cream. In 1995, he bought:

987_10.png

After a visit from his mother, he adds oranges to his diet. Oranges cost $0.56/pound in 1995. Here are the food faddist's food purchases in 2005:

309_11.png

Find the fixed market basket Food Faddist Price Index (1995 = 100) for the year 2005.

Solution Preview :

Prepared by a verified Expert
Basic Statistics: After a visit from his mother he adds oranges to his diet
Reference No:- TGS02434175

Now Priced at $15 (50% Discount)

Recommended (93%)

Rated (4.5/5)