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

question 111

Short Answer

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

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Definitions:

Corporate Culture

An organization’s network that includes the shared values and assumptions within it.

Group Dynamics

The set of interpersonal relationships within a group that determine how group members relate to one another and that influencetask performance

Coercive Power

Power that depends on the threat of possible punishment.

Legitimate Power

A form of power that comes from a formal management position in an organization and the authority granted to it.