Statistics Canada calculates separate subindexes of the CPI for goods and for services. The goods index rose from 96.8 to 112.0 over a 10-year period. During the same period, the services index rose from 95.2 to 115.1.
a. How much did representative goods, worth $1000 at the beginning, cost at the end of the 10-year period?
b. Howmuchdidrepresentativeservices,worth$1000atthebeginning,costatthe end of the 10-year period?
c. What is the difference between the percent increase in the price level of services and the percent increase in the price level of goods during the decade?