1.9. 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. The prices of these books are given in the accompanying table.

a. What is the percent change in the price of an English textbook from 2005 to 2007?

b. What is the percent change in the price of a math textbook from 2005 to 2007?

c. What is the percent change in the price of an economics textbook from 2005 to 2007?

d. Using 2005 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 2005 to 2007?

Transcribed Image Text:

2005 2006 2007 English textbook $50 $55 $57 Math textbook 70 72 74 Economics textbook 80 90 100