1. You are searching for Government price index to use in evaluating price of industrial chemical product. You have price data from 12 months ago. Would Consumer Price Index (CPI) or a Producer Price Index (PPI) be better choice for you to use? describe Why?
2. Item cost $250 each 8 months ago. Relevant index was 110.0 at that time. Today index is 115.5. Evaluate the item's price today.