The basket of goods representing the CPI was valued at 30,000 in the reference year of 2020.

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The basket of goods representing the CPI was valued at 30,000 in the reference year of 2020. In 2021 the price of this basket increased to 3200. If the CPI was set at 100 in 2020 what was the value of the index for 2021?

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Principles of Economics

ISBN: 978-1285165875

7th edition

Authors: Gregory Mankiw

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Posted Date: May 11, 2023 12:49 AM

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The basket of goods representing the CPI was valued at 30,000 in the reference year of 2020.

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The CPI for 2021 can be calculated using the formula CPI ... View the full answer

Principles of Economics

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