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Posts: 156
3 months ago

Suppose the index of prices received by farmers for 2012 was 1.70 and the base year of this index was 1996. Then



• relative to 1996, prices received by farmers were 70% lower in 2012.

• relative to 2012, prices received by farmers were 70% higher in 1996.

• relative to 1996, prices received by farmers were 70% higher in 2012.

• relative to 2012, prices received by farmers were 70% lower in 1996.
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Introduction to Agricultural Economics
Edition: 7th
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3 months ago
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relative to 1996, prices received by farmers were 70% higher in 2012.
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