Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 158 widgets, 370 cogs, and 817 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 108.08 55.91 28.12 2022 143.36 65.36 32.78 If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal.
Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 158 widgets, 370 cogs, and 817 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 108.08 55.91 28.12 2022 143.36 65.36 32.78 If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal.
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 17P
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Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 158 widgets, 370 cogs, and 817 services. We have the following prices for 2021 and 2022:
Year | Widget Cost | Cogs Cost | Services Cost |
2021 | 108.08 | 55.91 | 28.12 |
2022 | 143.36 | 65.36 | 32.78 |
If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal.
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