Suppose the Price of a Slice of Pizza Increased from $2

question 83

Short Answer

Suppose the price of a slice of pizza increased from $2 in 2009 to $2.25 in 2010, and then to $3 in 2011.
A) Compute the percentage change in the price of a slice of pizza between 2009 and 2011.
B) Compute the simple price index for 2011 if 2009 is the base year.
C) Compute the simple price index for 2009 if 2010 is the base year.

• A) Compute the percentage change in the price of a slice of pizza between 2009 and 2011.
• B) Compute the simple price index for 2011 if 2009 is the base year.
• C) Compute the simple price index for 2009 if 2010 is the base year.

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Definitions:

Voluntary Manumission

The act of a slave owner freeing their slaves of their own volition, without external compulsion, a practice that varied in its frequency and conditions throughout history.

Plantation Crop

A type of crop specifically grown on a large estate or plantation, primarily for sale and not for local consumption, typically including commodities like tobacco, cotton, sugar, and tea.

Slave Rebellions

Acts of violent resistance by enslaved people against their enslavers, often aimed at securing freedom or protesting inhumane conditions.

Cotton Gin

An invention by Eli Whitney in 1793 that revolutionized the cotton industry by efficiently separating cotton fibers from their seeds.