Homework Answers
Answer
Basket price =sum of ( price * quantity)
Basket price in 2014=250*3.15+10*20=987.5
Basket price in 2016=250*3.37+10*23=1072.5
CPI =( basket price of the year /basket price of base
year)*100
CPI in 2014=100 as it is the base year
==
CPI in 2016=(1072.5/987.5)*100
=108.607595
=108.61
=====
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