Eastland College is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks, the dean asks you, the Economics Department’s star student, to create an index of textbook prices. The average student purchases three English, two math, and four economics textbooks per year. The prices of these books are given in the accompanying table.

2010 2011 2012 English textbook $50 $55 $57 Math textbook 70 72 74 Economics textbook 80 90 100

a. What is the percent change in the price of an English textbook from 2010 to 2012?

b. What is the percent change in the price of a math textbook from 2010 to 2012?

c. What is the percent change in the price of an economics textbook from 2010 to 2012?

d. Using 2010 as a base year, create a price index for these books for all years.

e. What is the percent change in the price index from 2010 to 2012?