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Suppose that 1996 is the base year for the Consumer Price Index (CPI) and in 2016 the CPI was 154. What does this 154 mean?
Suppose that 1996 is the base year for the Consumer Price Index (CPI) and in 2016 the CPI was 154. What does this "154" mean? a. What cost $100 in 1996 would on average cost 154 times as much in 2016. b. What cost $100 in 1996 would on average cost $154 more in 2016. c. What cost $100 in 1996 would on average cost $154 in 2016. d. What cost $100 in 1996 would on average cost 15.4 times as much in 2016
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