B. Calculate the Consumer Price Index on the given problem below.1. Given are basket full of goods purchased by households. Calculate theconsumer price index for each year using the year 2016 as base year.Formula for calculating CPI= Prices in the current year X 100%Prices of base yearYear 20145.00OMRPIMarket BasketYear 20166.00 OMRCPIYear 2018CONSUMER PRICE INDEX7.00 OMRMRUYear 20208.00OMR.2. Calculate CPI using 1990 as the base year.Rice200 BaizaYear198519903001995400200050020056002010700MACRO O

The following problem has been solved as follows:

the given pro 1. Given are basket full of goods purchased by households. Calcula consumer price index for each year using the year 2016 as base yea Formula for calculating CPI = Prices in the current year X % Prices of base year Year 2014 5.00 OMR PIMarlaet Baslet Year 2016 6.00 OMR CPI CONSUMER PRICE INDEX Year 2018 7.00 OMR MRU Year 2020 8.00 OMR. 2. Calculate CPI using 1990 as the base year. Year Rice 1985 200 Baiza 1990 300 1995 400 2000 500 2005 600 2010 700 MACRO OI

the given pro 1. Given are basket full of goods purchased by households. Calcula consumer price index for each year using the year 2016 as base yea Formula for calculating CPI = Prices in the current year X % Prices of base year Year 2014 5.00 OMR PIMarlaet Baslet Year 2016 6.00 OMR CPI CONSUMER PRICE INDEX Year 2018 7.00 OMR MRU Year 2020 8.00 OMR. 2. Calculate CPI using 1990 as the base year. Year Rice 1985 200 Baiza 1990 300 1995 400 2000 500 2005 600 2010 700 MACRO OI

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. The basket of goods contains 3 Hot Dogs and 3 Hamburgers. Year Price of Price of Hot Dogs $1.50 Hamburgers $3.45 2006 2007 $2.15 $3.20 $4.00 2008 $2.10 Calculate the cost of the bas ket of goods each year. Show your working. a. b. Calculate the CPI for each year using 2007 as the base year. Calculate the inflation rate for each year. с.
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