Suppose in the year 2010, consumers bought 100 baskets of food at the price of $50 each, and 100 baskets of clothing at the price of $75 each. In the year 2011, consumers bought 110 baskets of food at the price of $60 each, and 120 baskets of clothing at the price of $85 each.Let 2010 be the base year. What is the CPI for 2011? Question 12Answer a. 110 b. 134.4 c. 146.2 d. 116
Suppose in the year 2010, consumers bought 100 baskets of food at the price of $50 each, and 100 baskets of clothing at the price of $75 each. In the year 2011, consumers bought 110 baskets of food at the price of $60 each, and 120 baskets of clothing at the price of $85 each.Let 2010 be the base year. What is the CPI for 2011? Question 12Answer a. 110 b. 134.4 c. 146.2 d. 116
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
Related questions
Question
Suppose in the year 2010, consumers bought 100 baskets of food at the price of $50 each, and 100 baskets of clothing at the price of $75 each. In the year 2011, consumers bought 110 baskets of food at the price of $60 each, and 120 baskets of clothing at the price of $85 each.
Let 2010 be the base year. What is the CPI for 2011?
Let 2010 be the base year. What is the CPI for 2011?
Question 12Answer
a.
110
b.
134.4
c.
146.2
d.
116
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