1. In a simple economy, people consume only 2 goods, market basket of goods used to compute the CPI consists of 50 units of food and 10 units of clothing. Food $4 $6 Clothing 2002 price per unit $10 2003 price per unit $20 a. What are the percentage increases in the price of food and in the price of clothing? entage increase in the CPI?

1. In a simple economy, people consume only 2 goods, market basket of goods used to compute the CPI consists of 50 units of food and 10 units of clothing. Food $4 $6 Clothing 2002 price per unit $10 2003 price per unit $20 a. What are the percentage increases in the price of food and in the price of clothing? entage increase in the CPI?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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