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Evaluate a simple price index for each of four items. Employ 2000 as the base period. 

Item

2000 Price  Quantity

2004 Price  Quantity

Margarine (pound) 

$0.81

18

$0.89

27

Shortening (pound)

$0.84

5

$0.94

9

Milk (1/2 gallon)

$1.44

70

$1.43

65

Potato Chips

$2.91

27

$3.07

33

Statistics and Probability, Statistics

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