Given that $p_0$ and $p_1$ represent base and current prices of a commodity, $q_0$ and $q_1$ refer to the base and current quantities, then the formula used to calculate price relatives is :
Answer & explanation
Correct answer: option 1
Price relative compares the current price with the base price of a commodity.
Formula of price relative:
$\text{Price Relative}=\frac{p_1}{p_0}\times100$
final answer: $\frac{p_1}{p_0}\times100$