A broker has a listing agreement wherein she is paid an agreed-upon fee or commission regardless of who sells the property. What
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Answer:
Price index = 125
Explanation:
Given:
Last year paid $24 for a round of golf and $12 to rent a golf cart.
This year it cost you $30 to golf and $15 to rent a cart.
Question asked:
Based on this simple basket of goods, calculate a price index for this year using last year as the base year.
Solution:
Total cost of last year = For a round of golf + Rent of a golf cart
= $24 + $12 = $36
Total cost of this year = $30 + $15 = $45
Now, we will find price index for this year by using last year as the base year.
<u>As we know:</u>
Thus, price index for this year using last year as the base year is 125