Table 11-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below.
-Refer to Table 11-12. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750. Then x, the consumer price index for 2011, has a value of

Question

Table 11-12. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. 
-Refer to Table 11-12. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750. Then x, the consumer price index for 2011, has a value of

Quizplus · Accepted Answer

The CPI for 2011 is 184.0, which means that the cost of living in 2011 was 184.0% of what it was in 1982-84. Therefore, Will's 2009 food expenditures in 2011 dollars would be $5,750 / 184.0 = $3,125.