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

question 127

Short Answer

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


-Referring to Table 16-15, what is the Laspeyres price index for the basket of four food items in 1999 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:

Constructive Expression

A mode of communication that is both positive and helpful, aiming to improve or provide valuable feedback.

Organizational Practices

The routine behaviors and standard procedures that are carried out within an organization to operate effectively.

Voice

The constructive expression of disagreement or concern about work unit or organizational practices.

Silence

The absence of sound or the condition of being quiet, often used metaphorically to describe non-communication or the withholding of voice.