The consumer price index, or CPI, measures the cost of living for a typical urban household by multiplying the price for each category of expenditure (housing, food, and so on) times a measure of the importance of that expenditure in the average consumer’s market basket and summing over all categories. However, using data from the consumer price index, we can see that changes in the cost of living for different types of consumers can vary a great deal. Let's compare the cost of living for a hypothetical retired person and a hypothetical college student.

Let’s assume that the market basket of a retired person is allocated in the following way: 10% on housing, 15% on food, 5% on transportation, 60% on medical care, 0% on education, and 10% on recreation. The college student’s market basket is allocated as follows: 5% on housing, 15% on food, 20% on.
transportation, 0% on medical care, 40% on education, and 20% on recreation. The accompanying table shows the May 2016 CPI for each of the relevant categories.
CPI May 2016 Housing 242.8 Food 248.0 Transportation 194.6 Medical care 460.5 Education 246.9 Recreation 117.2 Calculate the overall CPI for the retired person and for the college student by multiplying the CPT for each of the categories by the relative importance of that category to the individual and then summing each of the categories. The CPI for all items in May 2016 was 239.4. How do your calculations for a CPI for the retired person and the college student compare to the overall CPI?