Year Price of a pound of Bacon (10 units) Price of a dozen Eggs (15 units) Price of a pound of Coffee (20 units) 1 $5.50 2 $5.25 $1.75 $2.00 $4.00 $4.50 3 $5.50 $2.00 $5.00 Use the information in the table above to calculate the CPI in Year 2, using Year 1 as the base year. Round to the nearest whole number. The Consumer Price Index is

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 9WNG
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Year
Price of a pound of Bacon (10 units) Price of a dozen Eggs (15 units) Price of a pound of Coffee (20 units)
1
$5.50
2
$5.25
$1.75
$2.00
$4.00
$4.50
3
$5.50
$2.00
$5.00
Use the information in the table above to calculate the CPI in Year 2, using Year 1 as the base year. Round to the nearest whole number. The Consumer Price
Index is
Transcribed Image Text:Year Price of a pound of Bacon (10 units) Price of a dozen Eggs (15 units) Price of a pound of Coffee (20 units) 1 $5.50 2 $5.25 $1.75 $2.00 $4.00 $4.50 3 $5.50 $2.00 $5.00 Use the information in the table above to calculate the CPI in Year 2, using Year 1 as the base year. Round to the nearest whole number. The Consumer Price Index is
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