Price in Year 1 is $350
Price in year 2 is $385
CPI= Current year price / Base year price * 100
CPI = 385/350*100
CPI= 110.
Thus the CPI for year 2 is 110
Suppose we shopped for a basket of goods in Year 1 and it cost $350. Suppose...
22. Suppose a market basket of goods and services costs $440 in the base year and the consumer price index (CPI) is currently 125. This indicates the price of the market basket of goods is now: a. $575. b. $445. c. $550. d. $525. 23. Suppose the consumer price index (CPI) stands at 350 this year. If the inflation rate is 7.1 percent, then next year's CPI will equal: a. 350. b. 360. c. 375. d. 500.
Suppose that the base year for CPI is 2014. The cost of the CPI basket in 2014 is $50; the cost of the basket in 2015 was $60, and the cost of the basket in 2016 was $66. What was the CPI in 2015?
The cost of the basket of goods for consumers in 2009 is $550 and the cost of the basket of goods for consumers in 2010 is $700. If 2009 is used as the base year, the CPI for 2010 is__________________.
Suppose in 2016, the cost of a market basket of goods was $2,001. In 2018, the cost of the same market basket of goods was $2,051. Calculate the price index for 2018, using the price index formula, assume 2016 is the base year. (Enter your response as an index number rounded to one decimal place.)
Suppose that in the base year, a typical market basket purchased by an urban family cost $440. In Year 1 the same market basket cost $560. What is the consumer price index for Year 1? If the same market basket cost $990 in Year 2, what is the consumer price index for Year 2? What is the annual inflation rate for year 2?
Use a Base Year to Calculate Index Numbers for the Cost of a Basket of Goods and Services Please provided a detailed explanation so I can use it as a guide in my studies. Question The table below shows the total expenditure on a basket of goods and services; use this information to calculate the index number for the cost of a basket of goods and services in period 1, assuming Period 2 is the base year. (Round to 1...
Question 63 (1 point) in an economy, a market basket of goods cost $6,050 in year 1. The same market basket cost $7,245 in year 2. Assuming Year 1 is the base year, the Consumer Price Index in Year 1 is equal to ** You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as...
Find the following : On - "pus) Suppose that we have a CPI basket that includes: pictures of video games, mountain dew (a soda), and pizza. CPI Basket 1980 Quantity Video games Mountain Dew 10 Pizza 5 Prices 40.00 1.00 10.00 CPI Basket 2019 Quantity Video games Mountain Dew Pizza 8 Prices 60.00 2.50 25.00 10 The value of the CPI basket in 1980 is The value of the CPI basket in 2019 is The CPI in 2019 using 1980...
econ 202 Question 2 (4pts): Suppose that we have a CPI basket that includes: pictures of video games, mountain dew (a soda), and pizza. CPI Basket 1980 Video games Mountain Dew Pizza Quantity 1 10 5 Prices 40.00 1.00 10.00 CPI Basket 2019 Quantity Video games 5 Mountain Dew 10 Pizza 8 Prices 60.00 2.50 25.00 Izza The value of the CPI basket in 1980 is The value of the CPI basket in 2019 is The CPI in 2019 using...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a year is made of: 150 lbs of bread, 80 bottles of water and 50 T-shirts. Prices (in USD) of each of these items, across different years, are reported in the following table Year 1 lbs of bread 1 bottle of water 1 T-shirt 2008 S2 2009 $2.3 2010 $2.6 2011 $2.8 2012 S3 $1.2 $1.2 $1.35 $1.8 $1.8 $15 $18 $18 $18 $25 (a)...