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11. [-/1 Points] DETAILS CRAUDQL3 3.1.038. MY NOTES ASK YOUR TEACHER The Consumer Price Index (CPI) is calculated by the U.S. Department of Labor. It is a measure of the relative price of a typical market basket of goods in the given year. The percentage increase in the CPI from one year to the next gives one measure of the annual rate of inflation. The following table shows the CPI in December of the given year. Here, C represents the Consumer Price Index, and t is the time in years since December 2008. 0 1 2 3 4 5 6 C 210.2 215.9 219.2 225.7 229.6 233.0 234.8 236.5 In the figure on the left, we have plotted the data, and in the figure on the right, we have added the trend line, which is given by C = 3.86t + 212.12. 240 240 235 235 230 230 225 225 CP & 220 215 215 210 210 205 205 200 6 200 + 0 1 2 3 4 5 7 0 1 2 3 4 5 6 7 Time in years since 2008 Time in years since 2008 Which year after 2008 shows a significantly smaller CPI than would be expected from the trend line? Interpret your answer. 2009 had a significantly smaller than expected CPI. This means that the inflation was lower than expected inflation. 2010 had a significantly smaller than expected CPI. This means that the inflation was higher than expected inflation. 2013 had a significantly smaller than expected CPI. This means that the inflation was higher than expected inflation. O 2014 had a significantly smaller than expected CPI. This means that the inflation was lower than expected inflation. 2015 had a significantly smaller than expected CPI. This means that the inflation was lower than expected inflation. eBook