The average price of a medium coffee at Wakeup Coffee Shop in each of the past ten years is given in the table below. Yearly Annual Coffee Prices 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $1.05 $1.10 $1.14 $1.20 $1.25 $1.25 $1.33 $1.35 $1.45 $1.49 Construct an annual 'coffee price index' for this time period using 2005 as the base year. [Hint: follow the procedure detailed in the chapter divide each yearly price by the base year price.] Answer the following question using this: 1 Based on your index, what was the average annual percentage change in the price of coffee from 2005 to 2010? O 28.6% O 3.8% O 3.3% O - 2.0%
The average price of a medium coffee at Wakeup Coffee Shop in each of the past ten years is given in the table below. Yearly Annual Coffee Prices 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $1.05 $1.10 $1.14 $1.20 $1.25 $1.25 $1.33 $1.35 $1.45 $1.49 Construct an annual 'coffee price index' for this time period using 2005 as the base year. [Hint: follow the procedure detailed in the chapter divide each yearly price by the base year price.] Answer the following question using this: 1 Based on your index, what was the average annual percentage change in the price of coffee from 2005 to 2010? O 28.6% O 3.8% O 3.3% O - 2.0%
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.3: Applications: Growth And Decay
Problem 16E
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![The average price of a medium coffee at Wakeup Coffee Shop in
each of the past ten years is given in the table below.
Yearly Annual Coffee Prices
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$1.05 $1.10 $1.14 $1.20 $1.25 $1.25 $1.33 $1.35 $1.45 $1.49
Construct an annual 'coffee price index' for this time period using
2005 as the base year. [Hint: follow the procedure detailed in the
chapter divide each yearly price by the base year price.] Answer
the following question using this:
1
Based on your index, what was the average annual percentage
change in the price of coffee from 2005 to 2010?
O 28.6%
O 3.8%
O 3.3%
O - 2.0%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F222840ef-5b41-4b87-9eeb-a00aafc7c939%2F56eba7ca-8d63-487b-a56c-0d92e8d9665c%2Fyx1jliw_processed.png&w=3840&q=75)
Transcribed Image Text:The average price of a medium coffee at Wakeup Coffee Shop in
each of the past ten years is given in the table below.
Yearly Annual Coffee Prices
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$1.05 $1.10 $1.14 $1.20 $1.25 $1.25 $1.33 $1.35 $1.45 $1.49
Construct an annual 'coffee price index' for this time period using
2005 as the base year. [Hint: follow the procedure detailed in the
chapter divide each yearly price by the base year price.] Answer
the following question using this:
1
Based on your index, what was the average annual percentage
change in the price of coffee from 2005 to 2010?
O 28.6%
O 3.8%
O 3.3%
O - 2.0%
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