If year 1 is the base year, what is the consumer price index (CPI) in year 2? Product Quantity Price Year 1 Cereal 1,000 $1.00 Beef 700 $2.00 Doughnuts 600 $0.50 Year 2 Cereal 1,400 $1.10 Beef 600 $2.50 Doughnuts 500 $0.75

If year 1 is the base year, what is the consumer price index (CPI) in year 2? Product Quantity Price Year 1 Cereal 1,000 $1.00 Beef 700 $2.00 Doughnuts 600 $0.50 Year 2 Cereal 1,400 $1.10 Beef 600 $2.50 Doughnuts 500 $0.75

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 9WNG

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Question

If year 1 is the base year, what is the consumer price index (CPI) in year 2?

Product	Quantity	Price
Year 1	Cereal	1,000	$1.00
Beef	700	$2.00
Doughnuts	600	$0.50
Year 2	Cereal	1,400	$1.10
Beef	600	$2.50
Doughnuts	500	$0.75

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