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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

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 Hide Feedback Correct
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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