Suppose that prices for both housing and medical care increase by 20%. Complete the following table to
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Suppose that prices for both housing and medical care increase by 20%. Complete the following table to show the increase that occurs in each of these indexes.
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Consumer Price Index Increases: Selected Categories Medical Care 93.8 Housing 49.0 If the eight categories comprising the overall CPI (the CPI for All Items) were weighted equally, the values recorded above would make equal contributions to the overall index. However, the BLS gives housing a more significant weight than medical care. More specifically, the BLS weights housing at 41.3% while medical care is weighted at only 6.6%. A Complete the following table to show the contribution each of the increases recorded above actually make to the overall CPI. (Enter your responses rounded to one decimal place.) Consumer Price Index: Contributions of Selected Categories Medical Care Housing Consumer Price Index Increases: Selected Categories Medical Care 93.8 Housing 49.0 If the eight categories comprising the overall CPI (the CPI for All Items) were weighted equally, the values recorded above would make equal contributions to the overall index. However, the BLS gives housing a more significant weight than medical care. More specifically, the BLS weights housing at 41.3% while medical care is weighted at only 6.6%. A Complete the following table to show the contribution each of the increases recorded above actually make to the overall CPI. (Enter your responses rounded to one decimal place.) Consumer Price Index: Contributions of Selected Categories Medical Care Housing
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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