In March 2018 the price index for buildings in Orange County had a value of 5903...
In March 2018 the price index for buildings in Orange County had a value of 5903 and in March 2002 the value was 2382. In March 2018 plans were initiated for a new building at a University. The final construction cost for the building was $52.5 million. Another building of the same size and quality is planned to be constructed in March 2022. Estimate the new building’s cost using the given price indices. (10 points)
Homework Answers
We have the following information
Price Index in March 2018 = 5903
Price Index in March 2020 = 2382
Cost of building in March 2018 = $52.5 million
Taking March 2018 as the base 100. The Price index for March 2020 is given by the following formula
Price Index for March 2020 with March 2018 as base = (2382/5903) × 100 = 40.35
This means that to get the price of the building in March 2020 we need to multiply the cost of building in 2018 with 0.4035.
Cost of Building in 2020 = $52.5 billion × 0.4035
Cost of Building in 2020 = $21.18 billion
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In March 2018 the price index for buildings in Orange County had
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