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

question 16

Short Answer

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

$\begin{array}{lllll}2000 & 2.16 & 1.9 & 4.81 & 12.32\end{array}$

-Referring to Table 16-15, what are the simple price indexes for wheat, corn, soybeans and milk, respectively, in 2000 using 1996 as the base year?

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