JAMB - Economics (2012 - No. 24)
If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
100
200
240
300
Explicaţie
Price index is gotten by diving the current market price by the base year price. Hence we have;
Price index = \(\frac{240}{120}\) x 100 = 200