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

question 379

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 Paasche price index for the basket of four food items
in 2011 that consisted of 60 bushels of wheat, 40 bushels of corn, 35 bushels of soybeans and
70 hundredweight of milk in 2011 using 2008 as the base year?

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Definitions:

Money

A medium of exchange in the form of coins and banknotes; used to purchase goods and services.

Light Stroking

A gentle, soothing touch that can trigger positive emotional and physiological responses, often used in therapeutic contexts.

Negative Reinforcement

A behavioral principle where the removal of an unpleasant stimulus following a desired behavior increases the likelihood of that behavior being repeated.

Escape

The act of getting away from a place or situation, often used in the context of avoiding or coping with negative circumstances or feelings.