Question: The following are prices for a commodity from 2015 to 2017: 2015 $5 2016 $8 2017 $7 a. Calculate the simple price indices for 20152017,

The following are prices for a commodity from 2015 to 2017:

2015 $5 2016 $8 2017 $7

a. Calculate the simple price indices for 2015–2017, using 2015 as the base year.

b. Calculate the simple price indices for 2015–2017, using 2016 as the base year.

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