Use the table below to answer the following questions.
Table 6-2

-Refer to Table 6-2. Suppose that the basket of goods in the CPI consisted of 3 units of pork and 4 units of corn. What is the consumer price index for 2011 if the base year is 2010?

Question

Use the table below to answer the following questions.
Table 6-2
 
-Refer to Table 6-2. Suppose that the basket of goods in the CPI consisted of 3 units of pork and 4 units of corn. What is the consumer price index for 2011 if the base year is 2010?

Quizplus · Accepted Answer

To calculate the CPI for 2011, you need to compare the cost of the basket in 2011 to the cost in the base year (2010). If the cost of the basket in 2010 is taken as 100, and the cost in 2011 is 136.11% of the 2010 cost, then the CPI for 2011 is 136.11.

Use the Table Below to Answer the Following Questions