Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, the price index for year 3 is, (The answer is only a number) * Year Units of Output Price Per Unit 1 20 $4 2 25 4 3 30 6

Assume an economy that is producing only one product. Output and price data for a three-year period are shown in the table. If year 2 is chosen as the base year, the price index for year 3 is, (The answer is only a number) * Year Units of Output Price Per Unit 1 20 $4 2 25 4 3 30 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

do fast.

Assume an economy that is producing
only one product. Output and price data
for a three-year period are shown in the
table. If year 2 is chosen as the base year,
the price index for year 3 is
(The answer is only a number) *
Year Units of Output Price Per Unit
1
20
$4
2
25
4
3
30
6
Your answer

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