The people who live on Shangri-La Island consume only rice and fish. Last year, which was the roference base year, the price of rice was $4 a pound, the price of fish was $5 a pound, and the average urban household spent $12 om and $15 on fish. This yoar, the price of rice is $8 a pound and the price of fish is $7 a pound. What is the CPl in the current year? >>> Answor to 1 decimal place. The CPI in the current year is

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
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The people who live on Shangri-La Island consume only rice and fish.
Last year, which was the reference base year, the price of rice was $4 a pound, the price of fish was $5 a pound, and the average urban household spent $12 on rice
and $15 on fish.
This yoar, the price of rice is $8 a pound and the price of fish is $7 a pound.
What is the CPI in the current year?
>>> Answer to 1 decimal place
The CPI in the current year is
Transcribed Image Text:The people who live on Shangri-La Island consume only rice and fish. Last year, which was the reference base year, the price of rice was $4 a pound, the price of fish was $5 a pound, and the average urban household spent $12 on rice and $15 on fish. This yoar, the price of rice is $8 a pound and the price of fish is $7 a pound. What is the CPI in the current year? >>> Answer to 1 decimal place The CPI in the current year is
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