Question

Eastland College is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks, the dean asks you, the Economics Department's star student, to create an index of textbook prices. The average student purchases three English, two math, and four economics textbooks. The prices of these books are given in the accompanying table. a. Create the price index for these books for all years with a base year of 2002 b. What is the percent change in the price of an English textbook from 2002 to $2004 ?$ c. What is the percent change in the price of a math textbook from 2002 to $2004 ?$ d. What is the percent change in the price of an economics textbook from 2002 to $2004 ?$ e. What is the percent change in the market index from 2002 to $2004 ?$

          Eastland College is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks, the dean asks you, the Economics Department's star student, to create an index of textbook prices. The average student purchases three English, two math, and four economics textbooks. The prices of these books are given in the accompanying table.
a. Create the price index for these books for all years with a base year of 2002
b. What is the percent change in the price of an English textbook from 2002 to $2004 ?$
c. What is the percent change in the price of a math textbook from 2002 to $2004 ?$
d. What is the percent change in the price of an economics textbook from 2002 to $2004 ?$
e. What is the percent change in the market index from 2002 to $2004 ?$

Added by William M.

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