Compute a simple index for the closing price using the period Mar-06–Mar-10 as the base period. What can you conclude about the change in the closing price over the period?

The following information was reported on food items for the years 2004 and 2014: 2004 2014 Item Price ($) Quantity Price ($) Quantity Margarine (454 g) $0.81 18 $2.39 27 Shortening (454 g) 0.84 5 1.49 9 Milk (2 liters [L]) 1.44 70 3.79 65 Potato chips (454 g) 2.91 27 3.99 33