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The consumer price index (CPI) is a fixed-weight index. It compares the price of a fixed bundle of goods in one year with the price
The consumer price index (CPI) is a fixed-weight index. It compares the price of a fixed bundle of goods in one year with the price of the same bundle of goods in some base year. Suppose the market basket to compute the consumer price index consists of 100100 units of good X, 300300 units of good Y, and 6060 units of good Z. Year 2013 is the base year. Prices of these goods for the years 2013, 2014, and 2015 are given below. Good Amount in Market Basket Prices in 2013 Prices in 2014 Prices in 2015 X 100100 $2.502.50 $3.503.50 $4.754.75 Y 300300 2.502.50 3.253.25 3.753.75 Z 6060 4.004.00 5.005.00 4.204.20 Part 2 Using the information above, calculate the following: Part 3 The cost of the market basket in 2013 is $enter your response here. (Round your response to two decimal places.)
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