uppose in 2019, the cost of a market basket of goods was $1,991. In 2021, the cost of the same market basket of goods was $2.150. alculate the price index for 2021, using the price index formula, assume 2019 is the base year. (Enter your response as an index number rounded to one decimal place.)
uppose in 2019, the cost of a market basket of goods was $1,991. In 2021, the cost of the same market basket of goods was $2.150. alculate the price index for 2021, using the price index formula, assume 2019 is the base year. (Enter your response as an index number rounded to one decimal place.)
Chapter13: Inflation
Section: Chapter Questions
Problem 2SQP
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![Suppose in 2019, the cost of a market basket of goods was $1,991. In 2021, the cost of the same market basket of goods was $2,150.
Calculate the price index for 2021, using the price index formula, assume 2019 is the base year.
(Enter your response as an index number rounded to one decimal place.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5000f839-f7b4-478a-892c-681835737cd0%2Fd83daa25-6c04-426f-bdcc-fbcfb7d22bc0%2Fk224oco_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose in 2019, the cost of a market basket of goods was $1,991. In 2021, the cost of the same market basket of goods was $2,150.
Calculate the price index for 2021, using the price index formula, assume 2019 is the base year.
(Enter your response as an index number rounded to one decimal place.)
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