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following information is on food items for the years 2000 and 2016

Statistics Nov 10, 2020

following information is on food items for the years 2000 and 2016. 2000 2016Item Quantity Price Price Quantity

Margarine (pound) $0.81 18 $2.00 27

Shortening (pound) 0.84 5 1.88 9

Milk (1/2 gallon) 1.44 70 2.89 65

Potato chips 2.91 27 3.99 33

Compute a simple price index for each of the four items. Use 2000 as the base period. (Round your answers to 2 decimal places.)

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