Consider the following table that provides the simple price indices for an item from 2006 through 2008. 
A) If the price of the good in 2006 was $8, compute the price in 2008.
B) If the base year is changed to 2007, compute the value of the updated simple price index in 2008
Definitions:
Social-cognitive Learning
A theory that posits learning occurs in a social context with a dynamic and reciprocal interaction of the person, environment, and behavior.
Negative Reinforcement
Process in which people avoid being exposed to feared objects and their avoidance is reinforced by the subsequent reduction of their anxiety.
Natural Environment Type Phobia
A persistent and irrational fear of specific situations, activities, or things in the natural environment, such as heights or water.
Situational Type Phobia
A type of anxiety disorder characterized by irrational fear of specific situations, such as flying, heights, or enclosed spaces.
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