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What is the price index for 2002

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Reference no: EM131994658

Commodity  Market Basket Quantity  2001 price  2002 price

  RICE            30LBS                              $3.00       $3.60

APPLES          25LBS                              $3.50       $3.75

Assuming that 2001 is the base year. What is the price index for 2002?

In 2002, the price index is _____. ( round your answer to two decimal places).

The inflation rate between 2001 and 2002 is ___%( round your answer to two decimal places).

Reference no: EM131994658

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