Question
Suppose that in2017, a typical U.S. student attending astate-supported college bought 10 textbooks at a price of $90 per book and enrolled in 28 credit
Suppose that in2017, a typical U.S. student attending astate-supported college bought 10 textbooks at a price of $90 per book and enrolled in 28 credit hours of coursework at a price of $380 per credit hour. In2018, the typical student continued to purchase 10 textbooks and enroll in 28 credithours, but the price of a textbook rose to $110 perbook, and the tuition price increased to $430 per credit hour. The base year for computing a"student priceindex" using this information is 2017.
The price index for any base year is 100.
The value of the student price index in 2017 is
I am unsure on how to find the price index regarding this problem. I'd like the formula as well as a break down to further understand how to successfully solve this problem.
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