A chemical company produces a special industrial chemical that is a blend of three chemical ingredients. The beginning-year cost per pound, the ending-year cost per pound, and the blend proportions follow. (Round your answers to the nearest integer.) Cost per Pound ($) Ingredient Beginning Ending Quantity (pounds) per 100 Pounds of Product A 2.50 3.45 25 B 8.75 9.90 10 C 0.99 0.90 50 (a) Compute the price relatives for the three ingredients. Item Price Relative (b) Compute a weighted average of the price relatives to develop a one-year cost index for raw materials used in the product. I = What is your interpretation of this index value? Cost of raw materials is up % for the chemical