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:
Total Revenue
The total income a company receives from selling its products or services before any expenses are subtracted.
Income Elasticity
A measure of how much the demand for a good or service changes with a change in the consumer's income.
Negative Elasticity
It refers to a situation in which demand for a product decreases when its price decreases, or vice versa, going against the typical demand pattern.
High Income Elasticity
A situation where the demand for a good or service is significantly affected by changes in consumer income levels.
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