In the country of Gastronamia, the CPI is calculated using a market basket consisting of 6 apples, 5 loaves of bread, 4 robes, and 3 gallons of gasoline. The per-unit prices of these goods have been as follows: Year 2008 2009 2010 2011 Apples $1.00 $1.00 $2.00 $3.00 Bread $2.00 $1.50 $2.00 $3.00 Robes $10.00 $9.00 $11.00 $15.00 Gasoline $1.00 $1.50 $2.00 $2.50 Using 2009 as the base year, determine the following: places.) (Round all to two decimal 2008 CPI:
In the country of Gastronamia, the CPI is calculated using a market basket consisting of 6 apples, 5 loaves of bread, 4 robes, and 3 gallons of gasoline. The per-unit prices of these goods have been as follows: Year 2008 2009 2010 2011 Apples $1.00 $1.00 $2.00 $3.00 Bread $2.00 $1.50 $2.00 $3.00 Robes $10.00 $9.00 $11.00 $15.00 Gasoline $1.00 $1.50 $2.00 $2.50 Using 2009 as the base year, determine the following: places.) (Round all to two decimal 2008 CPI:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![In the country of Gastronamia, the CPI is calculated using a market basket consisting of 6 apples,
5 loaves of bread, 4 robes, and 3 gallons of gasoline. The per-unit prices of these goods have
been as follows:
Year
2008
2009
2010
2011
Apples
$1.00
$1.00
$2.00
$3.00
Bread
$2.00
$1.50
$2.00
$3.00
Robes
$10.00
$9.00
$11.00
$15.00
Gasoline
$1.00
$1.50
$2.00
$2.50
Using 2009 as the base year, determine the following:
places.)
(Round all to two decimal
2008 CPI:
2009 CPI:
2010 CPI:
2011 CPI:
2009 Inflation rate:
2010 Inflation rate:
2011 Inflation rate:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5afed65b-d942-4f3f-93a7-7be3b580b003%2Fea026518-50df-4c43-af6b-eff7800f4192%2Fhwwmwtf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the country of Gastronamia, the CPI is calculated using a market basket consisting of 6 apples,
5 loaves of bread, 4 robes, and 3 gallons of gasoline. The per-unit prices of these goods have
been as follows:
Year
2008
2009
2010
2011
Apples
$1.00
$1.00
$2.00
$3.00
Bread
$2.00
$1.50
$2.00
$3.00
Robes
$10.00
$9.00
$11.00
$15.00
Gasoline
$1.00
$1.50
$2.00
$2.50
Using 2009 as the base year, determine the following:
places.)
(Round all to two decimal
2008 CPI:
2009 CPI:
2010 CPI:
2011 CPI:
2009 Inflation rate:
2010 Inflation rate:
2011 Inflation rate:
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