Problem:
So, what is the CPI and a basket of goods?
Would you expect the same salary to work in each of these different cities: Denver, San Francisco, New York or Portland?
If not, please explain, think about the different things that you consume on a daily or weekly basis. To do this, pick 5 items that are common to each area, such as the price of gas, and create your own basket of goods and craft your initial response accordingly. Creativity counts here, so pick different items and demonstrate your understanding of the causes behind the differences.
The textbook for the class is Essentials of Economics 6th edition By Mankiw.