For the following questions refer to the senario: Assume there are only two goods in the economy, apples and bananas. In 2018, 1,300 apples were old at $1.50 each and 8,500 bananas at $2 each. In 2019, the price of apples rose to $2 and the quantity rose to 2,300; the price of the bananas rose to $3 and the quantity rose to 8,600. Calculate the CPI (Consumer Price Index) in 2019 using 2018 as the base year and 2018 output as the market basket.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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For the following questions refer to the senario: Assume there are only two goods in the economy, apples and bananas. In 2018, 1,300 apples were old at $1.50 each and 8,500 bananas at $2 each. In 2019, the price of apples rose to $2 and the quantity rose to 2,300; the price of the bananas rose to $3 and the quantity rose to 8,600.

  1. Calculate the CPI (Consumer Price Index) in 2019 using 2018 as the base year and 2018 output as the market basket.
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