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Suppose in ​, the cost of a market basket of goods was ​$. In ​, the cost of the same market basket of goods was ​$. Calculate the price index for ​, using the price index​ formula, assume is the base
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Suppose in ​, the cost of a market basket of goods was ​$. In ​, the cost of the same market basket of goods was ​$. Calculate the price index for ​, using the price index​ formula, assume is the base year. nothing ​(Enter your response as an index number rounded to one decimal​ place.)

User Fengshaun
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1 Answer

4 votes

Answer: 106.6

Step-by-step explanation:

Price Index = (Market Price of basket in Current Year / Market price of basket in Base Year ) * 100

Price Index 2020 = (2,146/2,014) * 100

= 106.6 (1 d.p)

User Frankclaassens
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