Question: Consider the following simple price index created with a base year of 2004. a. Update the index numbers using a revised base year of 2008.

Consider the following simple price index created with a base year of 2004.

a. Update the index numbers using a revised base year of 2008.
b. Determine the percentage change in price from 2004 to 2012.
c. Determine the percentage change in price from 2008 to 2012.

2004 2005 2006 2007 2008 2009 2010 2011 2012 100 102.2 106.3 110.8 109.4 107.2 108.9 110.5 114.7 Year Price Index

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