Consumer Price Index) Calculate a new consumer price index for the data in the following exhibit. Assume that current-year prices of Twinkies, fuel oil, and cable TV are $0.95/package, $1.25/gallon, and $15.00/month, respectively. Calculate the current year's cost of the market basket and the value of the current year's price index. What is this year's percentage change in the price level compared to the base year?

Quantity in Market Basket

Prices in Base Year

Cost of Basket in Base Year (3) ? (1) ? (2)

Prices in Current Year

Cost of Basket in Current Year (5) ? (1) ? (4)

Twinkies Fuel oil Cable TV

365 packages 500 gallons 12 months

$ 0.89/package 1.00/gallon 30.00/month

$ 324.85 500.00

360.00 $1,184.85

$ 0.79 1.50 30.00

$ 288.35 750.00

360.00 $1,398.35