SCENARIO 16-17
Given Below Are the Prices of a Basket

question 325

Short Answer

SCENARIO 16-17
Given below are the prices of a basket of four food items from 2008 to 2012. $$\begin{array} { c r r r r } \hline \text { Year } & \text { Wheat(\$/Bushel) } & \text { Corn(\$/Bushel) } & \text { Soybeans(\$/Bushel) } & \text { Milk(\$/hundredweight) } \\\hline 2008 & 4.25 & 3.71 & 7.41 & 15.03 \\2009 & 3.43 & 2.7 & 7.55 & 13.63 \\2010 & 2.63 & 2.3 & 6.05 & 15.18 \\2011 & 2.11 & 1.97 & 4.68 & 14.72 \\2012 & 2.16 & 1.9 & 4.81 & 12.32\end{array}$$
-Referring to Scenario 16-17, what is the Laspeyres price index for the basket of four food
items in 2011 that consisted of 50 bushels of wheat, 30 bushels of corn, 40 bushels of
soybeans and 80 hundredweight of milk in 2008 using 2008 as the base year?

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Definitions:

Concentric

Characterized by common center points; in muscle terms, a type of contraction where muscles shorten while generating force.

Interstitial

Referring to the spaces or interstices between tissues or organs in the body, often associated with fluid.

Appositional

Growth or movement towards each other or towards a common point, often used in anatomical or dental contexts.

Oppositional

Characterized by resistance or dissent in attitude or action, often seen in behaviors that are contrary to those expected or requested by others.