Question

Suppose in 2016 ​, the cost of a market basket of goods was ​$1 ,958 . In 2018 ​, the cost of the same market basket of goods was ​$2,107 . Calculate the price index for 2018 ​, using the price index​ formula, assume 2016 is the base year. nothing

Answer 1

107.60

Step-by-step explanation:

The formula for calculating the price index is as below

price index = current market price/ base year price x 100%

price index = $2107/$1958 x 100

price index = 1.076098059 x 100

price index = 107.6098059