Compute the price index, ?Jim's favorite breakfast is two?

Compute the price index

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Reference no: EM131245959

?Jim's favorite breakfast is two? eggs, 1/5 lb. of? bacon, 1/7 lb. of white? toast, 1/6 can? (16 ounce? can) of frozen concentrate orange? juice, and 1 lb. of grapefruit. The following table contains 1991 and 2001 prices for these five items. Using 1991 as the base? year, compute the price index for? Jim's breakfast for 2001.

Item 1991 Price 2001 Price

One dozen eggs $1.08 $1.02

One lb bacon $2.15 $2.75

One lb bread $0.63 $0.98

One can orange $1.98 $1.86

juice

One lb grape- $0.57 $0.55

fruit

A. 117.7

B. 107.5

C. 93.02

D. 89.53

Reference no: EM131245959

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