Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table
Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019.
The cost of each item in the basket and the total cost of the basket are shown for 2017.
Perform these same calculations for 2018 and 2019, and enter the results in the following table.

Transcribed Image Text:2017
2018
2019
Price
Cost
Price
Cost
Price
Cost
Quantity in Basket
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
Notebooks
10
3
30
4
Calculators
1
75
75
80
104
Large coffees
300
2
600
2
Energy drinks
75
2
150
4
Textbooks
8
90
720
110
120
Total cost
1,575
Price index
100
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