In the country of Sildavia, a market basket of goods and services cost $130 in 2003, $140 in 2004, and $160 in 2005. Based on this information and considering 2003 as the base year, the price index in 2005 was

the price index is 114.29%

Explanation:

The computation of the price index is shown below;

= Market basket of goods and services cost in the year 2005 ÷ Market basket of goods and services cost in the year 2005

= $160 ÷ $140

= 114.29%

Hence, the price index is 114.29%

Basically we simply applied the above formula

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