The Guru Price Index. A guru purchases only olive oil, loincloths, and copies of the Atharva Veda,
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The Guru Price Index. A guru purchases only olive oil, loincloths, and copies of the Atharva Veda, from which he selects mantras for his disciples.
Here are the quantities and prices of his purchases in 1985 and 2005:
1985 1985 2005 2005 Item quantity price quantity price Olive oil 20 pints $2.50/pint 18 pints $4.30/pint Loincloth 2 2.75 each 3 3.00 each Atharva Veda 1 10.95 1 16.95 From these data, find the fixed market basket Guru Price Index (1985 = 100)
for 2005.
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Related Book For
Statistics Concepts And Controversies
ISBN: 9781429277761
7th Edition
Authors: David S Moore, William I Notz
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