The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jaskson buys 4 loaves of bread, 3 pounds of cream cheese, and 8 books each week. The prices of these goods in years 2015-2017 are given the table below: Price of a Year loaf of bread 2015 $1 2016 $2 2017 $3 Price of a lb of cream cheese $3 $6 $6 Price of a book $10 $20 $25 . Calculate the CPI in 2015, using 2016 as the base year. (Enter your answer as an Integer)

The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jaskson buys 4 loaves of bread, 3 pounds of cream cheese, and 8 books each week. The prices of these goods in years 2015-2017 are given the table below: Price of a Year loaf of bread 2015 $1 2016 $2 2017 $3 Price of a lb of cream cheese $3 $6 $6 Price of a book $10 $20 $25 . Calculate the CPI in 2015, using 2016 as the base year. (Enter your answer as an Integer)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The CPI is used to measure the cost of a typical basket of goods. The typical household in
the nation of Jaskson buys 4 loaves of bread, 3 pounds of cream cheese, and 8 books each
week. The prices of these goods in years 2015-2017 are given the table below:
Price of a
Year loaf of
bread
2015 $1
2016 $2
2017 $3
Price of a lb
of cream
cheese
$3
$6
$6
Price of a
book
$10
$20
$25
• Calculate the CPI in 2015, using 2016 as the base year.
(Enter your answer as an Integer)

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