Homework Answers
Solution -
Consumer Price Index = Cost of Market Basket (Current) / Cost of Market Basket ( Base )
Cost Of Basket 2015 = 6 * 2 + 10 * 20
= 12 + 200
= 212
Cost Of Basket 2016 = 6 * 2.50+23*10
= 15 + 230
= 245
CPI in 2016(using 2015 Base Year) = 245 / 212 * 100
= 1.1556*100
= 115.56
= 116
CPI in 2016(using 2015 Base Year) = 116
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