Question: . Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's

. Calculating inflation using a simple price index

Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows the information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019.

erform these same calculations for 2018 and 2019, and enter the results in the following table.

Quantity in Basket2017

2018

2019

PriceCostPriceCostPriceCost(Dollars)(Dollars)(Dollars)(Dollars)(Dollars)(Dollars)Notebooks1033034Calculators1757580104Large coffees300260022Energy drinks75215045Textbooks890720110120Total cost1,575Price index100

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