Question

) In January 2004, the price for a roast porc was 2.99 per kilogram. In September...

) In January 2004, the price for a roast porc was 2.99 per kilogram. In September 2014, the price for the same roast porc was $6.19. (Round the final answers to 1 decimal place.)

A)Use the January 2004 price as the base period and 100 as the base value to develop a simple index.

B)By what percentage has the cost of roast porc increased during the 10-year period?

Math   Statistics-And-Probability   
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Answer #1

Let's write the given information.

In January 2004, the price for a roast porc was 2.99 per kilogram.

In September 2014, the price for the same roast porc was $6.19.

A) The simple price Index = ( price of current year / price of base year ) * 100

= (6.19/2.99)*100 = 207.0234 % = 207.0 %

B) The simple price index number of the year 2014 by taking 2004 as a base year is 207.0%.

Therefore about 107 percente has the cost of roast porc increased during the 10-year period.

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