Problem -
The table it gives the CPI market basket for 2010 and 2011. Suppose that 2010 is the reference base period.
|
Item
|
Quantity (2010)
|
Price (2010)
|
Price (2011)
|
|
Oranges
|
50
|
$0.90
|
$0.75
|
|
Bananas
|
100
|
$0.50
|
$0.95
|
|
Chicken
|
200
|
$2.00
|
$2.50
|
|
Beef
|
100
|
$5.00
|
$4.80
|
|
Bread
|
300
|
$1.75
|
$2.00
|
a. What is the cost of the CPI market basket in 2010?
b. What is the cost of the CPI market basket in 2011?
c. What is the CPI for 2010?
d. What is the CPI for 2011?