Steak 200 pounds $5.45/pound Rice 300 pounds $0.49/pound Ice Cream 50 gallons $5.08/gallon After a visit from his mother, he adds oranges to his diet. Oranges cost $0.56/pound in 1995. Here are the food faddist's food purchases in 2005: Item 2005 Quantity 2005 Price Steak 175 pounds $6.89/pound Rice 325 pounds $0.55/pound Ice 50 gallons $6.69/gallon Oranges 100 pounds $0.63/pound Find the fixed market basket Food Faddist Price Index (1995 = 100) for the year 2005. 1995 Item 1995 Price 1995 Cost 2005 Price 2005 Cost Quantity Steak 200 pounds $5.45/pound $1090 $1378 Rice 300 pounds $0.49/pound $147 $0.55/pound $165 Ice Cream 50 gallons $5.08/gallon $254 $6.69/gallon $334.5 Oranges 0 $0.56 $0 $0.63/pound $0 Total $1491 $1877.50 Index 125.92
Steak 200 pounds $5.45/pound Rice 300 pounds $0.49/pound Ice Cream 50 gallons $5.08/gallon After a visit from his mother, he adds oranges to his diet. Oranges cost $0.56/pound in 1995. Here are the food faddist's food purchases in 2005: Item 2005 Quantity 2005 Price Steak 175 pounds $6.89/pound Rice 325 pounds $0.55/pound Ice 50 gallons $6.69/gallon Oranges 100 pounds $0.63/pound Find the fixed market basket Food Faddist Price Index (1995 = 100) for the year 2005. Item 1995 Quantity 1995 Price 1995 Cost 2005 Price 2005 Cost Steak 200 pounds $5.45/pound $1090 $1378 Rice 300 pounds $0.49/pound $147 $0.55/pound $165 Ice Cream 50 gallons $5.08/gallon $254 $6.69/gallon $334.5 Oranges 0 $0.56 $0 $0.63/pound $0 Total $1491 $1877.50 Index 125.92
worksheet03_chapter16_10_key.docx