Suppose Crystal Pepsi is removed from the soft drink price index. Using the table provided, what is
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Question:
Suppose Crystal Pepsi is removed from the soft drink price index.
Using the table provided, what is the total cost of the entire 2020 basket?
| Item | Quantity in Basket | 1990 Price | Cost in 1990 Basket | 2020 price | Cost in 2020 Basket |
| Sparkling water | 2 | $0.50 | $1.00 | $1.00 | $2.00 |
| Tab cola | 1 | $1.00 | $1.00 | $2.00 | $2.00 |
| Surge | 4 | $2.50 | $10.00 | $2.00 | $8.00 |
| Total cost of basket | 1990 | $22.50 | _____ |
Group of answer choices
$12.00
$12.50
$24.50
$3.50
2. Suppose Crystal Pepsi is removed from the soft drink price index.
Using the table provided, what is the approximate value of the price index in 2020?
0.96
0.53
0.29
1
Expert Answer:
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