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 Laspeyres price index for the basket of four food
items in 2012 that consisted of 50 bushels of wheat, 30 bushels of corn, 40 bushels of
soybeans and 80 hundredweight of milk in 2008 using 2008 as the base year?