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April 19, 2014

Homework Help: Ecomonics(Urgent,please respond)

Posted by Hannah on Sunday, March 18, 2012 at 1:55pm.

The table below shows the market basket quantities and prices for the base year (year 1)

Base year 1 Price in price
Quantity base year yr 2
Product

Pizza 15 $3 $3.75

t-shirts 4 $10 $9

rent 1 $500 $550

In year 1 the CPI was?
In year 2 the CPI was?

I know that cpi= (expenditures in current yr/ex in base year) X 100

I am having trouble calculating this. So for year 1 would I just multilpy the price by the quantity for year 1??

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