Calculate the CPI using the following data. Assume that there is one of each item in the market basket. Market basket Ap

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Calculate The Cpi Using The Following Data Assume That There Is One Of Each Item In The Market Basket Market Basket Ap 1 (24.43 KiB) Viewed 12 times

Calculate the CPI using the following data. Assume that there is one of each item in the market basket. Market basket Apples lb. Oranges lb. Bananas lb. Cereal box Milk gal. Prices base yr. $0.65 $0.45 $0.25 $2.90 Prices base yr.+1 $0.80 $0.40 $0.30 $3.25 The value of the market basket in the base year is The value of the market basket in the base year plus one is The CPI in the base year is $4.00 $4.20 The CPI in the base year plus one is There has been inflation or deflation percent. If the CPI allowed for the substitution of oranges for apples so that there are zero apples and 2 pounds of oranges in the base year plus one the value of the market. basket would be and the CPI would be There would be inflation or deflation of of percent.