The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows market basket quantities and prices for the base year (Year 1) and in the following year. Product Pizza T-Shirts Rent Base Year (Year 1) Quantity 15 In Year 1, the CPI for the economy is In Year 2, the CPI for this economy is 2 1 Price in the Base Year $3.00 $20.00 $400.00 (Round both answers to one decimal place.) Price in Year 2 $3.75 $18.00 $440.00
The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows market basket quantities and prices for the base year (Year 1) and in the following year. Product Pizza T-Shirts Rent Base Year (Year 1) Quantity 15 In Year 1, the CPI for the economy is In Year 2, the CPI for this economy is 2 1 Price in the Base Year $3.00 $20.00 $400.00 (Round both answers to one decimal place.) Price in Year 2 $3.75 $18.00 $440.00
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The monthly market basket for consumers consists of pizza, t-shirts, and rent.
The table below shows market basket quantities and prices for the base year (Year 1) and in the following year.
Product
Pizza
T-Shirts
Rent
Base Year (Year 1)
Quantity
15
2
1
Price in the
Base Year
$3.00
$20.00
$400.00
In Year 1, the CPI for the economy is. (Round both answers to one decimal place.)
In Year 2, the CPI for this economy is
Price in
Year 2
$3.75
$18.00
$440.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fca3dd223-e0f4-4c61-a74b-77ec3e080a3a%2F31ca7f2e-c988-43f7-8210-c619dce95d58%2F9evhop_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The monthly market basket for consumers consists of pizza, t-shirts, and rent.
The table below shows market basket quantities and prices for the base year (Year 1) and in the following year.
Product
Pizza
T-Shirts
Rent
Base Year (Year 1)
Quantity
15
2
1
Price in the
Base Year
$3.00
$20.00
$400.00
In Year 1, the CPI for the economy is. (Round both answers to one decimal place.)
In Year 2, the CPI for this economy is
Price in
Year 2
$3.75
$18.00
$440.00
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