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year units of output price per unit 1 8 $2 2 10 3 3 15 4 4 18 5 5 20 6 the accompanying table gives price and output data over a five-year period for an economy that produces only one good. if year 2 is the base year, the price index for year 3 is 133. 150. 120. 125.

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ogorwyne

In this group of data if the 2nd year is the base year, the price index for year 3 is given as 133.

What is price index?

In the field of economics this is the term that is used to talk about the way that price changes over a period of time.

Price Index

= Cost of basket / cost of basket in base year multiplied by 100

Hence we have

10 × $3 = $30

in the third year

= 10 × $4 = $40

Price index = 40/30 × 100

= 133

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