A Consumer Expenditure Survey in Sparts shows that people buy only juice and cloth In 2016, the year of the Consumer Expenditure Survey and also the reference base year, the average household spent $40 on juice and $25 on cloth The table sets out the prices of juice and cloth in 2018 and 2019 Calculate the CPI market basket and the percentage of the average household budget spent on juice in the reference base year The CPI market basket is [ The percentage of the household budget spent on juice in the reference base year is percent Anewer to 1 decimal place Prices Juice Cloth 2018 54 abo $5 a yard 2019 $7 a bote $8 a yard
A Consumer Expenditure Survey in Sparts shows that people buy only juice and cloth In 2016, the year of the Consumer Expenditure Survey and also the reference base year, the average household spent $40 on juice and $25 on cloth The table sets out the prices of juice and cloth in 2018 and 2019 Calculate the CPI market basket and the percentage of the average household budget spent on juice in the reference base year The CPI market basket is [ The percentage of the household budget spent on juice in the reference base year is percent Anewer to 1 decimal place Prices Juice Cloth 2018 54 abo $5 a yard 2019 $7 a bote $8 a yard
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:K-
A Consumer Expenditure Survey in Sparta shows that people buy only juice and cloth
In 2018, the year of the Consumer Expenditure Survey and also the reference base year, the
average household spent $40 on juice and $25 on cloth
The table sets out the prices of juice and cloth in 2018 and 2019.
Calculate the CPI market basket and the percentage of the average household budget spent on
juice in the reference base year
The CPI market basket is
CIND
and
The percentage of the household budget spent on juice in the reference base year is
>>> Answer to 1 decimal place.
percent
CD
Prices
Juice
Cloth
2018
$4 a bottle
$5 a yard
2019
$7 a bottle
$8 a yard
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