Homework Answers
Note: Final answers are highlighted in colour.
a)
Price Index= Basket price of the year*100/ Basket price of the base year
| Year | Price | Price Index | Price Index= Price*100/ Price of Year 1994 |
| 1994 | 70 | 100.00 | 70*100/70=100 |
| 1995 | 67 | 95.71 | 67*100/70=95.71 |
| 1996 | 75 | 107.14 | 75*100/70=107.14 |
| 1997 | 82 | 117.14 | 82*100/70=117.14 |
| 1998 | 77 | 110.00 | 77*100/70=110 |
| 1999 | 83 | 118.57 | 83*100/70=118.57 |
| 2000 | 86 | 122.86 | 86*100/70=122.86 |
| 2001 | 84 | 120.00 | 84*100/70=120 |
| 2002 | 81 | 115.71 | 81*100/70=115.71 |
b)
Percentage change in prices from 1994 to 1998
= (Price in 1998 - Price in 1994) *100/Price in 1994
= (77-70)*100/70= 10%
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