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Construct price index for the textbook

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Reference no: EM132655281

Suppose you want to create a price index for the price of a particular physics textbook over ten years in your university book store. The price of the book on September 1 each year is as follows:

year price ($) year price ($)

2000 85 2005 112

2001 87 2006 120

2002 94 2007 125

2003 104 2008 127

2004 110 2009 127

(a) Construct price index for the textbook

(b) What is the price increase between the base year and 2005?

(c) What is the price increase between the base 2007 and 2009?

(d) Are the data listed above time series or cross sectional? Explain.

Reference no: EM132655281

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