Prices & consumption quantities for 3 commodities in 2001 & 2011 are given in the table.
Calculate the unweighted aggregate price index for 2011, using 2001 as the base year (round to 3 decimals as needed).
A [$2 $13] [$4 $15]
B [$32 $7] [$26 $2]
C [$7 $15] [$5 $20]
Can someone please explain?
Don't know this one. Have you been taught a formula for getting a price index?
Children are not defined by school ...........The Fonz
You cannot teach a man anything; you can only help him find it within himself..........Galileo Galilei
I'm not allowed to posts links, so try entering this phrase, with the quote-marks, into Google:
"simple aggregate price index"
Then look for a link for an article from the domain "mba-lectures".
Is that the sort of thing you're talking about?
Or are there different rules for "consumption quantities"? (I can't find what those are, actually. It might help if you provided the economics stuff, so we can help you with the math parts.)