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Of the items listed in the table above, are there any items that cost more than one-and-one-half times as much in 2009 as they cost during the base years, but less than twice as much as they cost during the base period? If so, which ones? (Select all that apply.) O food and beverages O housing O apparel O transportation O medical care O recreation O education and communication O none of these

Of the items listed in the table above, are there any items that cost more than one-and-one-half times as much in 2009 as they cost during the base years, but less than twice as much as they cost during the base period? If so, which ones? (Select all that apply.) O food and beverages O housing O apparel O transportation O medical care O recreation O education and communication O none of these

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(16.2% Transportation Food and drinks The Components of the Consumer Price Index SOURCE: U.S. Bureau of Labor Statistics The CPI is a measure of the cost of living for consumers. The government publishes monthly and annual figures on the Consumer Price Index. The Consumer Price Index has a base period, 1982-1984, from which to make comparisons. The CPI for the base period is 100. The CPI for October 2010 was 218.9. This means that $100 in the period 1982-1984 had the same purchasing power as $218.90 in October of 2010. An index number is actually a percent written without a percent sign. The CPI of 218.9 for October 2010 means that the average cost of consumer goods at that time was 218.9% of their cost in the 1982-1984 period. The table below gives the CPI for various products in 2009. Product CPI All items 214.5 Food and beverages 218.2 Housing 217.1 Apparel 120.1 Transportation 179.3 Medical care 375.6 Recreation 114.3 Education and communication 127.4 The Consumer Price Index, 2009 Watch the video below then answer the question. Consumer Price Index
Transcribed Image Text:(16.2% Transportation Food and drinks The Components of the Consumer Price Index SOURCE: U.S. Bureau of Labor Statistics The CPI is a measure of the cost of living for consumers. The government publishes monthly and annual figures on the Consumer Price Index. The Consumer Price Index has a base period, 1982-1984, from which to make comparisons. The CPI for the base period is 100. The CPI for October 2010 was 218.9. This means that $100 in the period 1982-1984 had the same purchasing power as $218.90 in October of 2010. An index number is actually a percent written without a percent sign. The CPI of 218.9 for October 2010 means that the average cost of consumer goods at that time was 218.9% of their cost in the 1982-1984 period. The table below gives the CPI for various products in 2009. Product CPI All items 214.5 Food and beverages 218.2 Housing 217.1 Apparel 120.1 Transportation 179.3 Medical care 375.6 Recreation 114.3 Education and communication 127.4 The Consumer Price Index, 2009 Watch the video below then answer the question. Consumer Price Index
Solve the following. Of the items listed in the table above, are there any items that cost more than one-and-one-half times as much in 2009 as they cost during the base years, but less than twice as much as they cost during the base period? If so, which ones? (Select all that apply.) O food and beverages housing apparel transportation medical care recreation O education and communication none of these Submit Answer
Transcribed Image Text:Solve the following. Of the items listed in the table above, are there any items that cost more than one-and-one-half times as much in 2009 as they cost during the base years, but less than twice as much as they cost during the base period? If so, which ones? (Select all that apply.) O food and beverages housing apparel transportation medical care recreation O education and communication none of these Submit Answer
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