4 In calculating a certain cost of living index, the following weights were used: Food 15,Clothing 3, rent 4, fuel and light 2, miscellaneous 1. Calculate the index for the periodwhen the average percentage increase in prices of items in the various groups over thebase period were 32, 54, 47, 78 and 58 respectively. Suppose a business executivewas earning Rs. 2,050 in the base period. What should be his salary in the currentperiod if his standard of living is to remain the same?Computation of Cost of Living IndexAverage %increase in priceGroupGroup Index(I)IWWeights(W)Food32132151980Clothing541543462Rent47147588Fuel and Light78178356Miscellaneous581581158E W= 25E IW 3544

A typical cost for basic items list is a hypothetical value record which is called cosy of living…

32, 54, 47, 78 and 58 respectively. Suppose a business executive rning Rs. 2,050 in the base period. What should be his salary in the current if his standard of living is to remain the same? Computation of Cost of Living Index Group Average % increase in price Group Index (1) IW Weights (W) 32 132 15 1980 ng 54 154 3. 462 47 147 4 588 nd Light 78 178 356 llaneous 58 158 1 158

32, 54, 47, 78 and 58 respectively. Suppose a business executive rning Rs. 2,050 in the base period. What should be his salary in the current if his standard of living is to remain the same? Computation of Cost of Living Index Group Average % increase in price Group Index (1) IW Weights (W) 32 132 15 1980 ng 54 154 3. 462 47 147 4 588 nd Light 78 178 356 llaneous 58 158 1 158

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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