EBK ECON: MACRO4
EBK ECON: MACRO4
4th Edition
ISBN: 9781305562097
Author: MCEACHERN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 6, Problem 4.8PA
To determine

New consumer price index and the cost of market basket for the current year and the percentage change of price level of this year as compared to the base year.

Concept introduction:

Consumer price index (CPI): It is a measure of average change in prices over the period of time.

Formula of CPI: Prices of basket of goods in given year /prices of basket of goods in base year*100

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