Question: Consider the following price data from 1994 to 2002. a. Compute the simple price index using 1994 as the base year. b. Determine the percentage

Consider the following price data from 1994 to 2002.

Consider the following price data from 1994 to 2002. a. Compute

a. Compute the simple price index using 1994 as the base year.
b. Determine the percentage change in prices from 1994 to 1998.

1994 1995 1996 1997 1998 1999 2000 2001 2002 62 60 64 67 66 70 74 72 70 Year I

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