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24-01-2021
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Suppose in 2016 , the cost of a market basket of goods was $1 ,958 . In 2018 , the cost of the same market basket of goods was $2,107 . Calculate the price index for 2018 , using the price index formula, assume 2016 is the base year. nothing

Respuesta :

Samawati Samawati

25-01-2021

Answer:

107.60

Explanation:

The formula for calculating the price index is as below

price index = current market price/ base year price x 100%

price index = $2107/$1958 x 100

price index = 1.076098059 x 100

price index = 107.6098059

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