The table below pertains to Finlandler, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys.The cost of the basket in 2006 was?If the base year is 2004, then the CPI in 2004 was?
Year Price of
Meat Price of a
Toy
2004 $3 per pound $2
2005 $1 per pound $7
2006 $4 per pound $5
Refer to the table above for each question below.
The cost of the basket in 2006 was?
The cost of the basket increased/decreased from 2004 to 2005 by$____?
The cost of the basket increased/decreased from 2005 to 2006 by$____?
If the base year is 2004, then the CPI in 2005 was?