calculating a certain cost of living index number the following weights were used: Food-15, Clothing 3. Rent-4, Fuel and Light-2, Miscellaneous-1. Calculate the index for a date when the average percentage increases in prices of items in the various groups over the base period were 32, 54, 48, 78 and 58 respectively. Suppose a business executive was earning $20,500 in the base period, what should be his salary in the current period if his standard of living is to remain the same?

MATLAB: An Introduction with Applications
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Author:Amos Gilat
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calculating a certain cost of living index number the following weights were used: Food-15, Clothing
3. Rent-4, Fuel and Light-2, Miscellaneous-1. Calculate the index for a date when the average
percentage increases in prices of items in the various groups over the base period were 32, 54, 48, 78
and 58 respectively.
Suppose a business executive was earning $20,500 in the base period, what should be his salary in the
current period if his standard of living is to remain the same?
Transcribed Image Text:calculating a certain cost of living index number the following weights were used: Food-15, Clothing 3. Rent-4, Fuel and Light-2, Miscellaneous-1. Calculate the index for a date when the average percentage increases in prices of items in the various groups over the base period were 32, 54, 48, 78 and 58 respectively. Suppose a business executive was earning $20,500 in the base period, what should be his salary in the current period if his standard of living is to remain the same?
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