Question
Kwantlen Polytechnic University is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks,
Kwantlen Polytechnic University 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 draw 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.
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) Using2010 as a base year, draw price index for these books for all years.
e) What is the percent change in the price index from 2010 to 2012?
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