(Answered) Commoditynbspnbspmarket basket quantitynbspnbsp2001

Engineering

Commodity Market Basket Quantity 2001 price 2002 price

RICE 30LBS $3.00 $3.60

APPLES 25LBS $3.50 $3.75

Assuming that 2001 is the base year. What is the price index for 2002?

In 2002, the price index is _____. ( round your answer to two decimal places).

The inflation rate between 2001 and 2002 is ___%( round your answer to two decimal places).

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