Calculate the CPI and the inflation rate in 2010. The people on Coral Island buy only juice
Question:
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2009. The average household spent $60 on juice and $30 on cloth in 2009 when the price of juice was $2 a bottle and the price of cloth was $5 a yard. In the current year, 2010, juice is $4 a bottle and cloth is $6 a yard.
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Step by Step Answer:
The CPI in 2010 is 1733 To calculate the CPI divide the value ...View the full answer
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Related Book For 
Macroeconomics Canada in the Global Environment
ISBN: 978-0321778109
8th edition
Authors: Michael Parkin, Robin Bade
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