Question 1 In 2019 and in 2021, consumers bought only books and pens, and the table shows the data. 2019 2021 Item Price Quantity Price Quantity Books $2 7 $6 6 Pens $6 4 $8 8 The reference base period is 2019, and 2019 is also the year of the Consum Expenditure Survey. Calculate the CPI in 2021.

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
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Chapter6: Measuring The Cost Of Living
Section: Chapter Questions
Problem 1PA
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Question
The CPI in 2021 equals _______.
 
 
A.
51.4
 
B.
100.0
 
C.
74.0
 
D.
194.7
 
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Question 1
In 2019 and in 2021, consumers bought only books and pens, and the table
shows the data.
2019
2021
Item Price Quantity Price Quantity
Books $2
7
6
Pens $6
4
8
$6
$8
The reference base period is 2019, and 2019 is also the year of the Consumer
Expenditure Survey.
Calculate the CPI in 2021.
Transcribed Image Text:Question 1 In 2019 and in 2021, consumers bought only books and pens, and the table shows the data. 2019 2021 Item Price Quantity Price Quantity Books $2 7 6 Pens $6 4 8 $6 $8 The reference base period is 2019, and 2019 is also the year of the Consumer Expenditure Survey. Calculate the CPI in 2021.
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