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QUESTION
Suppose a particular basket of goods contains just food and clothing. The prices of a unit of food for the years 2010 and 2011 were $20 and $25,...
Suppose a particular basket of goods contains just food and clothing. The prices of a unit of food for the years 2010 and 2011 were $20 and $25, respectively. The prices per unit of clothing for the years 2010 and 2011 were $24 and $32, respectively. Assume that 2010 is the base year. What is the approximate value of the nominal price index for food in 2011?
