Suppose the market basket consists of 100X, 200Y, and 300Z. Current-year price each unit of X, $2 for each unit of Y, and $3 for each unit of Z. Base-year prices a each unit of X, Y, and Z. What is the approximate CPI in the current year? а. 70.20 b. 1,200 с. 15

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Suppose the market basket consists of 100X, 200Y, and 300Z. Current-year prices are $5 for
each unit of X, $2 for each unit of Y, and $3 for each unit of Z. Base-year prices are $2 for
each unit of X, Y, and Z. What is the approximate CPI in the current year?
а. 70.20
b. 1,200
с. 15
d. 150
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Transcribed Image Text:Suppose the market basket consists of 100X, 200Y, and 300Z. Current-year prices are $5 for each unit of X, $2 for each unit of Y, and $3 for each unit of Z. Base-year prices are $2 for each unit of X, Y, and Z. What is the approximate CPI in the current year? а. 70.20 b. 1,200 с. 15 d. 150 Hide Feedback Correct
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