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The table below shows the price and quantity data for a basket of products used in calculating a hypothetical economy's Consumer Price Index (CPI). Year
The table below shows the price and quantity data for a basket of products used in calculating a hypothetical economy's Consumer Price Index (CPI). Year 2002 2005 2010 Product Price ($) Quantity Price($ Quantity Price($ Quantity Coffee $1.5 137' $1.52 )13 1 $1.71 38 |$1|1 Pizza 75:' :1 $6.84 1:1 $7. 78 25 $10.46 $11. 56 15 Enter your answers to 2 decimal places. Do not add dollar signs to your answers Using 2002 as the base year: (10 marks) Part 1: Calculate the Consumer Price Index (CPI) for 2005 using 2002 as base y Number (4 marks) Part 2: Calculate the Consumer Price Index (CPI) for 2010 using 2002 as base y Number (4 marks) Part 3: Calculate the CPI Inflation between 2005 and 2010. Number (2 marks)
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