The prices in the following table below are for three components in a typical consumer's budget:...

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The prices in the following table below are for three components in a typical consumer's budget: transportation, rent, and food. Year 1 Year 2 Year 3 Year 4 Year 5 Transport $ Rent $ 60 60 60 55 60 1,100 1,150 1,200 1,275 1,335 Food $ 600 610 640 660 675 Fill in the following composite price index based on the above three components using the assumption that rent accounts for 60 percent of the weight in this index, food for 30 percent, and transport for 10 percent. Use year 1 as the base year. (Tip: You should start by computing an index for each component). Note: Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places. Year 1 Year 2 Year 3 Year 4 Year 5 Composite Price Index The prices in the following table below are for three components in a typical consumer's budget: transportation, rent, and food. Year 1 Year 2 Year 3 Year 4 Year 5 Transport $ Rent $ 60 60 60 55 60 1,100 1,150 1,200 1,275 1,335 Food $ 600 610 640 660 675 Fill in the following composite price index based on the above three components using the assumption that rent accounts for 60 percent of the weight in this index, food for 30 percent, and transport for 10 percent. Use year 1 as the base year. (Tip: You should start by computing an index for each component). Note: Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places. Year 1 Year 2 Year 3 Year 4 Year 5 Composite Price Index

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Cost of marker basket by year Year 1 6060 110030 60010 ... View the full answer