f the price of a market basket of goods in year 1 is $10 and $12 in year 3 and the base year is year 1, the price index for year 3 is

Question

f the price of a market basket of goods in year 1 is $10 and $12 in year 3 and the base year is year 1, the price index for year 3 is
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Solution 1

The price index for a given year is calculated by taking the price of the market basket of goods for that year and dividing it by the price of the same basket in the base year, then multiplying the result by 100 to get a percentage.

Here's how you can calculate it:

  1. Identify the price of the bas Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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