Calculate the cost of the base-year basket


The College Student Price Index (CSPI) is based on a survey of annual purchases of a typical college student. Information on the base-year basket for the CSPI is shown below, along with the prices for each of the goods in 2000 (the base year), 2001, and 2002.

Good Base-Year Quantity 2000 2001 2002

Notebooks 10 $2 $1 $3
Calculator 1 $50 $60 $70
Large Coffee 200 $1 $1 $1
High-Caffeine Cola 50 $2 $3 $4
Textbooks 10 $100 $120 $150

Calculate the cost of the base-year basket in 2001.

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Microeconomics: Calculate the cost of the base-year basket
Reference No:- TGS063282

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