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Card 9 / 16:
Construct the price index for a “fruit basket” in each year using 2003 as the base year.
If 2003 is the base year, then the index number has a value of 100 in 2003. To transform the cost of a fruit basket each year, we divide each year’s value by $15.35, the value of the base year, and then multiply the result by 100. The price index is shown in the following table. 2001 2002 2003 2004 69.71 84.61 100.00 106.3
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