The consumer price index (CPI)is a measure of the relative cost of goods in a country for a particular year.The table below shows the CPI for various years beginning in 1940. $$\begin{array} { | l | l | }
\hline \text { Year } & \text { CPI } \
\hline 1940 & 14.0 \
\hline 1950 & 24.1 \
\hline 1960 & 29.6 \
\hline 1970 & 38.8 \
\hline 1980 & 82.4 \
\hline 1990 & 130.7 \
\hline 2000 & 172.2 \
\hline
\end{array}$$ Re-express the CPI by taking the log of the data,then plot the re-expressed data as a scatterplot.

Question

The consumer price index (CPI)is a measure of the relative cost of goods in a country for a particular year.The table below shows the CPI for various years beginning in 1940. $$\begin{array} { | l | l | } 
\hline \text { Year } & \text { CPI } \
\hline 1940 & 14.0 \
\hline 1950 & 24.1 \
\hline 1960 & 29.6 \
\hline 1970 & 38.8 \
\hline 1980 & 82.4 \
\hline 1990 & 130.7 \
\hline 2000 & 172.2 \
\hline
\end{array}$$ Re-express the CPI by taking the log of the data,then plot the re-expressed data as a scatterplot.

Quizplus · Accepted Answer

The Answer of The consumer price index (CPI)is a measure of the relative cost of goods in a country for a particular year.The table below shows the CPI for various years beginning in 1940. $$\begin{array} { | l | l | } 
\hline \text { Year } & \text { CPI } \
\hline 1940 & 14.0 \
\hline 1950 & 24.1 \
\hline 1960 & 29.6 \
\hline 1970 & 38.8 \
\hline 1980 & 82.4 \
\hline 1990 & 130.7 \
\hline 2000 & 172.2 \
\hline
\end{array}$$ Re-express the CPI by taking the log of the data,then plot the re-expressed data as a scatterplot.

The Consumer Price Index (CPI)is a Measure of the Relative