(2018) (Base Period) $3 y (2019) Apples 16 lbs. $3.50/ $3.60/1 1b Oranges 24 lbs. $4.25/ $4.00/1 $4 1b Grapes 12 lbs. $2.75/ $3.00/1 $2 1b 1. Compute the cost at base period prices: Base Period: 2. Compute the cost at current prices in each year: 2018: 2019: 3. Construct the CPI for each year:

(2018) (Base Period) $3 y (2019) Apples 16 lbs. $3.50/ $3.60/1 1b Oranges 24 lbs. $4.25/ $4.00/1 $4 1b Grapes 12 lbs. $2.75/ $3.00/1 $2 1b 1. Compute the cost at base period prices: Base Period: 2. Compute the cost at current prices in each year: 2018: 2019: 3. Construct the CPI for each year:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

please answer all points thnku

Quantit
Price
Price
Price
(2018)
(2019)
(Base
Period)
$3
y
Apples
16 lbs.
$3.50/
$3.60/1
1b
Oranges
24 lbs.
$4.25/
$4.00/1
$4
1b
Grapes
12 lbs.
$2.75/
$3.00/1
$2
1b
1. Compute the cost at base period prices:
Base Period:
2. Compute the cost at current prices in each year:
2018:
2019:
3. Construct the CPI for each year:
2018: CPI =
2019: CPI =

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