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Consider the table to the right. Suppose that the 2022 price of corn were to rise to $8.15 per bushel. but that the price of
Consider the table to the right. Suppose that the 2022 price of corn were to rise to $8.15 per bushel. but that the price of a digital device were to fall to $315. The quantities of the two commodities remain the same, however. How would these changes affect the value of the 2022 price index? Holding the quantities of the two commodities the same, a rise in the 2022 price of corn to $8.15 and a fall in the price of a digital device to $315 would cause the value of the 2022 price index to l to D. (Enter your response rounded to two decimal places.) Corn Digital Devices Totals Markei BaSket 100 bushels 2 Quantity 2012 Price per Unit $4 $450 Cost of Market Basket in 2012 $400 $900 $1,300 2022 Price per Unit $8 $350 Cost of Market $800 $700 $1,500 Basket in 2022 The price index for 2022 compared with 2012 is 115.39
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