pods was $2,129. onse as an index number rounded to one decimal place.)

Economics (MindTap Course List)
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ISBN:9781337617383
Author:Roger A. Arnold
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Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
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Suppose in 2016, the cost of a market basket of goods was $1,951. In 2018, the cost of the same market basket of goods was $2,129.
Calculate the price index for 2018, using the price index formula, assume 2016 is the base year.
(Enter your response as an index number rounded to one decimal place.)
Transcribed Image Text:Suppose in 2016, the cost of a market basket of goods was $1,951. In 2018, the cost of the same market basket of goods was $2,129. Calculate the price index for 2018, using the price index formula, assume 2016 is the base year. (Enter your response as an index number rounded to one decimal place.)
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