Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 181 widgets, 319 cogs, and 813 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 111.00 52.52 29.11 2022 142.26 61.78 34.92 If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal. Be careful here. The table looks the same as the previous question but the numbers are different!
Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 181 widgets, 319 cogs, and 813 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 111.00 52.52 29.11 2022 142.26 61.78 34.92 If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal. Be careful here. The table looks the same as the previous question but the numbers are different!
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
Year | Widget Cost | Cogs Cost | Services Cost |
2021 | 111.00 | 52.52 | 29.11 |
2022 | 142.26 | 61.78 | 34.92 |
If the base year is 2022, what is the
Be careful here. The table looks the same as the previous question but the numbers are different!
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