SCENARIO 16-17
Given Below Are the Prices of a Basket

Short Answer

SCENARIO 16-17
Given below are the prices of a basket of four food items from 2008 to 2012. $$\begin{array} { c r r r r } \hline \text { Year } & \text { Wheat(\$/Bushel) } & \text { Corn(\$/Bushel) } & \text { Soybeans(\$/Bushel) } & \text { Milk(\$/hundredweight) } \\\hline 2008 & 4.25 & 3.71 & 7.41 & 15.03 \\2009 & 3.43 & 2.7 & 7.55 & 13.63 \\2010 & 2.63 & 2.3 & 6.05 & 15.18 \\2011 & 2.11 & 1.97 & 4.68 & 14.72 \\2012 & 2.16 & 1.9 & 4.81 & 12.32\end{array}$$
-Referring to Scenario 16-17, what is the Paasche price index for the basket of four food items
in 2012 that consisted of 40 bushels of wheat, 50 bushels of corn, 35 bushels of soybeans and
60 hundredweight of milk in 2012 using 2008 as the base year?