- 1 30 Points Total 5 Points For Each Part Using The Following Link To Obtain Cpi Data Https Research Stlouisfed O 1 (58.02 KiB) Viewed 13 times
1) (30 points total - 5 points for each part) Using the following link to obtain CPI data (https://research.stlouisfed.org/fred2/data/CPIAUCSL.txt), find the value of the CPI in May of 1958 and answer the following questions: a) If the CPI basket in the base period cost $3,000, consistent with the example in the lectures, what would that same basket cost in May of 1958? b) If a person was making $40,000 in the base period, how much would they have to make during May of 1958 to have the same purchasing power as $40,000 has in the base period?