Suppose in 2019, the cost of a market basket of goods was $1,995. In 2021, the cost of the same market basket of goods was $2.119. Calculate the price index for 2021, using the price index formula, assume 2019 is the base year (Enter your response as an index number rounded to one decimal place)
Suppose in 2019, the cost of a market basket of goods was $1,995. In 2021, the cost of the same market basket of goods was $2.119. Calculate the price index for 2021, using the price index formula, assume 2019 is the base year (Enter your response as an index number rounded to one decimal place)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 5SCQ: How to Measure Changes in the Cost of Living introduced a number of different price indices. Which...
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