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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Explain how the CPI is calculated.

To determine

The calculation of CPI.

Explanation

Consumer price index is a measure that examines the changes in the price levels of a basket of consumer goods and services in the current year with reference to the base year. CPI is the weighted average of prices measured in terms of dollar. CPI can be calculated as the ratio of total dollar expenditure for a particular market basket of goods and services consumed in the current year to the total dollar expenditure for the same market basket of goods and services consumed in the base year in percentage terms...

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