Commodity Market Basket Quantity 2010 Price per Unit Cost of Market Basket in 2010 2018 Price per Unit Cost of Market Basket in 2018 Milk 10 gallon 2.00 20.00 2.50 25.00 Eggs 10 dozen 2.00 20.00 3.00 30.00 Bread 10 loaves 2.00 20.00 3.00 30.00 If 2010 is the base year in the table shown above, what is the price index for the year 2018? A. 100.0 B. 114.7 C. 147.1 D. 141.7
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Step 1: Calculate the total price in 2018 by adding the prices of Milk, Eggs, and Bread: Total price in 2018 = $25 + $30 + $30 = $85 Show more…
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