Question: Consider the following price data from 1994 to 2002. Consider the following price data from 1994 to 2002. Year 1994 1995 1996 1997 1998 1999

Consider the following price data from 1994 to 2002.

Consider the following price data from 1994 to 2002. Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 Price 55 53 58 65 60 67 72 70 66 Click here for the Excel Data File a. Compute the simple price index using 1994 as the base year. (Round your answers to 2 decimal places.) Year Price Index 1994 1995 1996 1997 1998 1999 2000 2001 2002 b. Determine the percentage change in prices from 1994 to 1998. (Round your answer to 2 decimal places.) Change in prices

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