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

question 117

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 1998 using 1996 as the base year?

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Definitions:

Systems Theory

An interdisciplinary theory that studies the complexity and interdependence of systems in nature, society, and science.

Open Groups

refer to groups that allow new members to join at any time, as opposed to closed groups with fixed membership.

Cohesive

Characterizes a group or material that is well-integrated or unified, allowing the members or components to work together effectively.

Hazing

Involves subjecting members of a group, often new recruits, to challenging, stressful, or humiliating tasks as part of an initiation process.