The table shows some data for an island economy which produces only bus rides In

Question

The table shows some data for an island economy which produces only bus rides In 2015 Item and hot chocolate The base year is 2015. Calculate the value of 2016 production in 2015 prices and the percentage increase Price $3 each $4 each Quantity 100 Bus rides Hot chocolate54 in production when valued at 2015 prices The value of 2016 production in 2015 prices S The percentage increase in production when valued at 2015 prices is In 2016 Item Bus rides Hot chocolate Quantity 114 Price $4 each $8 each percent. >>> Answer to 1 decimal place

Explanation / Answer

Answer
value of 2016 production in 2015 prices=quantity of 2016*price of 2015
=114*3+66*4=606.0
value of 2015 in 2015 prices=100*3+54*4=516
the increase in production=(value of 2016 in 2015 price-value of 2015 in 2015 prices)/value of 2015 in 2015 prices
=(606-516)/516
=0.174418605
=17.4%

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