Listed below are the price of a pair of men's boots over a 50 year time period. 
Find the simple index numbers for the data with 1950 as the base year.
Definitions:
Equilibrium Price
The cost at which the amount of a product or service that consumers want to buy matches the amount available for sale, leading to a state of equilibrium in the market.
Supply Shifts
Supply shifts refer to changes in the supply curve caused by factors other than price, such as technology, production costs, and supplier expectations, leading to different quantities being supplied at the same price.
Surplus
The situation in which the quantity of a good or service supplied exceeds the quantity demanded, often leading to lower prices.
Unregulated Market
A market where economic activities operate without direct governmental control, often resulting in high competition and consumer choice but potentially also in market failures.
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