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Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information
Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2019 Price Cost (Dollars) (Dollars) 2017 2018 Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) 10 3 30 3 1 75 75 80 300 2 600 2 75 2 150 104 Notebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index 2 5 8 90 720 110 120 1,575 100
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