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

question 156

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 are the simple price indexes for wheat, corn, soybeans and milk, respectively, in 1998 using 2000 as the base year?

---

Definitions:

Probability Distribution

A mathematical function that provides the probabilities of occurrence of different possible outcomes for an experiment.

College Degree

A form of academic qualification received upon the successful completion of a program of study in higher education, typically at a college or university.

Fair Die

A theoretical die where each face has an equal probability of landing up when thrown, representing a perfect model of randomness.

Probability Model

A mathematical representation that assigns probabilities to the outcomes of a random experiment.