Use the Following Information for the Three Grains -Calculate the Year 2000 Aggregate Price Index

question 47

Essay

Use the following information for the three grains. $$\begin{array} { l c c c c } & \text { Price } & 1990 \text { Quantity } & \text { Price } & 2000 \text { Quantity } \\\text { Rice } & 30 & 2 & 35 & 1 \\\text { Wheat } & 25 & 3 & 30 & 2 \\\text { Oats } & 20 & 4 & 25 & 3\end{array}$$
-Calculate the year 2000 aggregate price index.

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Definitions:

Land-grant Colleges

Institutions that have been designated by a state to receive the benefits of the Morrill Acts of 1862 and 1890, intended to support agricultural and technical education.

Tariff Rates

Taxes imposed by a government on imported or exported goods to regulate trade, increase revenue, or protect domestic industries.

Income Tax

A tax levied by governments on individuals' or entities' income, which varies with the taxable income or profits of the taxpayer.