Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 123 widgets, 302 cogs, and 843 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 112.66 57.38 25.16 2022 149.93 69.14 39.97 If the base year is 2022, what is the price index for 2022? Round your answer to two digits after the decimal.

Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 123 widgets, 302 cogs, and 843 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 112.66 57.38 25.16 2022 149.93 69.14 39.97 If the base year is 2022, what is the price index for 2022? Round your answer to two digits after the decimal.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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