Question
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice and $30 on cloth in 2013 when the price of juice was $2 a bottle and the price of cloth was $5 a yard.
In 2014, Juice is $4 a bottle and cloth is $6 a yard.
Calculate the CPI and the inflation rate in 2014.
The CPI is 2014 is: ____________?
>>>Answer to 1 decimal place.
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Advanced Placement Economics Microeconomics
Authors: Gary L. Stone
4th Edition
1561836699, 978-1561836697
