4. Imagine that the Consumer Price Index for Canada in 2020 was 102.6. Assume a base year was established in 2006. a) What can you conclude about prices in Canada in 2020? b) If a set of tires cost $440 in 2006, how much would the same set of tires cost (approximately) in 2020?

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1) The question screenshot has been attached down below answer ques 4 a and b step-by-step.

4. Imagine that the Consumer Price Index for Canada in 2020 was 102.6. Assume a base
year was established in 2006.
a) What can you conclude about prices in Canada in 2020?
b) If a set of tires cost $440 in 2006, how much would the same set of tires cost
(approximately) in 2020?
Transcribed Image Text:4. Imagine that the Consumer Price Index for Canada in 2020 was 102.6. Assume a base year was established in 2006. a) What can you conclude about prices in Canada in 2020? b) If a set of tires cost $440 in 2006, how much would the same set of tires cost (approximately) in 2020?
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