The table shows the quantities in the CPI basket and the prices in​ 2018, 2019, and 2020. The reference base year is 2018. Item Quantity 2018 Price 2019 Price 2020 Price    Bread    2 loaves    ​$0.50 a loaf    ​$0.75 a loaf    ​$0.75 a loaf Milk 5 cartons ​$0.75 a carton ​$1.00 a carton ​$0.75 a carton Eggs 3 dozen ​$2.00 a dozen ​$3.00 a dozen ​$2.50 a dozen Calculate the cost of the CPI basket in 2019 prices and the cost of the CPI basket in 2020 prices.   Calculate the CPI in 2019 and in 2020.   Calculate the inflation rate in 2020. The cost of the CPI basket in 2019 prices is ​$nothing and the cost of the CPI basket in 2020 prices is ​$nothing. ​>>> Answer to 2 decimal places. The CPI in 2019 is nothing and the CPI in 2020 is nothing. ​>>> Answer to 1 decimal place. The inflation rate in 2020 is nothing percent.

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 table shows the quantities in the CPI basket and the prices in​ 2018, 2019, and 2020. The reference base year is 2018.

Item
Quantity
2018
Price
2019
Price
2020 Price
  
Bread
  
2 loaves
  
​$0.50
a loaf
  
​$0.75
a loaf
  
​$0.75
a loaf
Milk
5 cartons
​$0.75
a carton
​$1.00
a carton
​$0.75
a carton
Eggs
3 dozen
​$2.00
a dozen
​$3.00
a dozen
​$2.50
a dozen
Calculate the cost of the CPI basket in 2019 prices and the cost of the CPI basket in 2020 prices.
 
Calculate the CPI in 2019 and in 2020.
 
Calculate the inflation rate in 2020.
The cost of the CPI basket in 2019 prices is
​$nothing
and the cost of the CPI basket in 2020 prices is
​$nothing.
​>>> Answer to 2 decimal places.
The CPI in 2019 is
nothing
and the CPI in 2020 is
nothing.
​>>> Answer to 1 decimal place.
The inflation rate in 2020 is
nothing
percent.
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