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Estimating the simple aggregate price index.

Betts Electronics purchases three replacement parts for robotic machines used in their manufacturing process. Information on the price of the replacement parts and the quantity purchased is given below.

Part	Price 2000 2004		Quantity 2000 2004
RC-33	$0.50	$0.60	320	340
SM-14	$1.20	$0.90	110	130
WC50	$0.85	$1.00	230	250

Compute a simple aggregate price index for 2004. Use 2000 as the base period.

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