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.
In2014, juice is $4 a bottle and cloth is $6 a yard.
Calculate the CPI and the inflation rate in 2014.
The CPI in 2014 is ___?
> Answer to 1 decimal place.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
