The data in the table above shows the consumption by families in an economy.The year 2013 is the reference base period.
-Based on the table above,the CPI for 2013 is

Question

Quizplus · Accepted Answer

The CPI (Consumer Price Index) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. In other words, it measures the cost of living in a certain economy by comparing the prices of goods and services from one year to another.

To calculate the CPI, we need to use the following formula:

CPI = (Cost of Market Basket in a Given Year / Cost of Market Basket in Base Year) x 100

In this case, the base year is 2013, so we need to calculate the cost of the market basket for each year and then compare it to the cost in 2013.

For 2013:

Cost of Market Basket = (2 x 10) + (3 x 20) + (4 x 30) + (1 x 40) = 200

CPI = (200 / 200) x 100 = 100

Therefore, the CPI for 2013 is 100.

The Data in the Table Above Shows the Consumption by Families