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Consider the Following Table That Provides the Simple Price Indices

Question 21

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Consider the following table that provides the simple price indices for an item from 2006 through 2008. Consider the following table that provides the simple price indices for an item from 2006 through 2008. a.If the price of the good in 2006 was $8,compute the price in 2008. b.If the base year is changed to 2007,compute the value of the updated simple price index in 2008. a.If the price of the good in 2006 was $8,compute the price in 2008.
b.If the base year is changed to 2007,compute the value of the updated simple price index in 2008.

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A simple price index for any item is the...

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