TABLE 16-15
Given Below Are the Prices of a Basket

question 29

Short Answer

TABLE 16-15
Given below are the prices of a basket of four food items from 1996 to 2000.
$\begin{array}{ccccc}\text { Year } & \begin{array}{c}\text { Wheat } \\\text { (\$/Bushel) }\end{array} & \begin{array}{c}\text { Corn } \\\text { (\$/Bushel) }\end{array} & \begin{array}{c}\text { Soybeans } \\\text { (\$/Bushel) }\end{array} & \begin{array}{c}\text { Milk } \\\text { (\$/hundredweight) }\end{array} \\\hline 1996 & 4.25 & 3.71 & 7.41 & 15.03 \\1997 & 3.43 & 27 & 7.55 & 13.63 \\1998 & 2.63 & 23 & 6.05 & 15.18 \\1999 & 2.11 & 1.97 & 4.68 & 14.72\\2000 & 2.16 & 1.9 & 4.81 & 12.32\end{array}$

$\begin{array}{lllll}\end{array}$

-Referring to Table 16-15, what is the Laspeyres price index for the basket of four food items in 1998 that consisted of 50 bushels of wheat, 30 bushels of corn, 40 bushels of soybeans and 80 hundredweight of milk in 1996 using 1996 as the base year?

---

Definitions:

Monetary Rewards

Financial incentives given to employees in recognition of their work performance, contribution, or achievements.

Nonmonetary Rewards

Nonmonetary rewards consist of benefits provided to employees that do not involve financial compensation, such as recognition or career development opportunities.

Shareholders

Individuals or entities that own shares in a corporation and have an interest in its performance and governance.

Financial Value

The quantifiable worth of an asset, security, or company, often determined by material and tangible factors within markets.