Table 9-2 Quantity 50 100 Base Year (2006) Price $1.20 1.00 2011 Price $1.50 1.10 Product...

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Table 9-2 Quantity 50 100 Base Year (2006) Price $1.20 1.00 2011 Price $1.50 1.10 Product Milk Bread Refer to Table 9-2. Assume the market basket for the consumer price index has two products bread and milk with the following values in 2006 and 2011 for price and quantity: The Consumer Price Index for 2011 equals O 118. 116. 86. 85.

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Answer 1

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It is =(1.50+1.10)/1.20+1.00 (100)=118

So answer is 118

We simply have to add prices and divide 2011 resulting prices by 2006 prices. The resulting figure is multiplied by 100

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Answer 2

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