Procta and allan sells Product A with the following prices:
Year 2003 2004 2005 2006
Price($) 40.96 46.08 57.60 50.40
(a) Calculate the prices of Product A for years 2004 to 2006 as a chain base index.
(b) Giving your answers correct to four significant figures, calculate the index of prices for Product A for the years 2003 to 2006 with year 2003 as the base year.
The price relative for Product P for year 2003 with 2002 as the base year is 1.28.
(c) Calculate the selling price of Product P in year 2002