The average salary of produce workers at a local store for the selected periods are given below.
Year Average Hourly Earnings ($)
2001 10.13
2002 10.86
2003 10.97
2004 11.35
2005 11.92
2006 12.24*
*preliminary estimate
For full marks your answer should be accurate to at least one decimal place.
a) Using 2001 as the base period and 100 as the base value, determine the indexes for 2005 and for the preliminary 2006 data.
P2005 = blank, P2006= blank
b) Use the average of 2001, 2002 and 2003 as the base and determine indexes for 2005 and for the preliminary 2006 data using 100 as the base value.
P2005 = blank , P2006= blank
c) What is the index for the preliminary 2006 data using 2004 as the base?
P2006= blank