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the year-end price and production of grains for 2015 and 2018 are listed. 2015 price 2015 production 2018 price 2018 production grain /bushel (1,000 mt) /bushel (1,000 mt) oats 2.4878 1,298 2.5712 815 wheat 5.0936 26,117 4.9757 51,287 corn 3.7829 345,506 3.7043 366,287 barley 5.0836 4,750 4.9757 3,333 click here for the excel data file using 2015 as the base period, find the value index for grains produced in 2018. (round your answer to 3 decimal places.)

Answer :

VARSHAMITTAL029GO

The value index for grains produced in 2018 is 1.101

the year-end price and production of grains for 2015 and 2018 are listed

Grain   price(2015) production(2015)    price(2018) production (2018)

Oats      2.4878        1298                        2.5712           814

Wheat    5.0936       26117                       4.9757          51287

Corn      3.7829        345506                  3.7043            366287

Barley    5.0836       4750                       4.9757            3333

The value index can be calculated by using the formula

V = ∑P₁Q₁/P₀Q₀

V = ((2.5712 x 815) + (4.9757 x 51287) + (3.7043 x 366287) + (4.9757 x 3333))/ ((2.4878 x 1298) + (5.0936 x 26117) + (3.7829 x 345506) + (5.0836 x 4750))

V = (2095.5 + 255188.72 + 1356836.93 + 16584)/(16584 + 133029 + 1307014 + 24147.1)

V = 1630704.22/1480774.01

V = 1.101

Therefore, using 2015 as the base period, the value index for grains produced in 2018 is 1.101

To learn more about value index referhere

https://brainly.com/question/12909555

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