7. Remember that the CPI is always set equal to 100 in the base year. Suppose a basket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2013, the basket's cost was $80; in 2014, the basket's cost was $86; and in 2015, the basket's cost was $90. The value of the CPI in 2015 was

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Chapter6: Measuring The Cost Of Living
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7. Remember that the CPI is always set equal to 100 in the base year. Suppose a basket of goods and
services has been selected to calculate the CPl and 2014 has been selected as the base year. In 2013, the
basket's cost was $80; in 2014, the basket's cost was $86; and in 2015, the basket's cost was $90. The
value of the CPI in 2015 was
Transcribed Image Text:7. Remember that the CPI is always set equal to 100 in the base year. Suppose a basket of goods and services has been selected to calculate the CPl and 2014 has been selected as the base year. In 2013, the basket's cost was $80; in 2014, the basket's cost was $86; and in 2015, the basket's cost was $90. The value of the CPI in 2015 was
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