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The output produced in bushels and the prices of this output ($/bushel) over the last three years for Seth Johnson, a farmer in Amarillo, Texas, are as follows:





 
 
   
   
   
 
 
YearOutput (bushels)Price ($/bushel)


 
 
   
   
   
 
 
201070,000$3.20


 
 
   
   
   
 
 
201175,000$2.90


 
 
   
   
   
 
 
201280,000$3.50


Let the base year be 2011. What is the price index for 2012?



• 0.829

• 1.094

• 1.207

• 0.914
Source  Download
Introduction to Agricultural Economics
Edition: 7th
Authors:
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