In a single-product economy, which produces only tomatoes, the unit price of a tomato was $0.5...
In a single-product economy, which produces only tomatoes, the unit price of a tomato was $0.5 in 2000 and increased to $0.8 in 2018. The price index of the economy in 2018 (base year = 2000):
Homework Answers
Price index = price in the current year / price in the base year x 100
Current year price (2018) = $0.8
Base year price (2010) = $0.5
Price index = 0.8/0.5 x 100
= 160
It means that price in the current year has increased by 60% as the compared to the base year 2010 (price index = 100)
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In a single-product economy, which produces only
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