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

question 75

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 Paasche 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 1998 using 1996 as the base year?

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Definitions:

Principles of Management

Fundamental guidelines for managing organizations, including planning, organizing, leading, and controlling.

Not-for-profit Organizations

Organizations that operate for purposes other than making a profit, focusing instead on charity, education, social issues, or community service.

Profit-seeking Companies

Firms whose primary goal is to generate earnings above their costs.

Delegation

Managerial process of assigning work to employees.