The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6...

 

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The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts, and 2 pants. In 2008, bread cost $1.00 per loaf, milk cost $1.50 per gallon, shirts cost $6.00 each, and pants cost $10.00 per pair. In 2009, bread cost $1.50 per loaf, milk cost $2.00 per gallon, shirts cost $7.00 each, and pants cost $12.00 per pair. Use the year 2008 as the base year. Calculate the CPIs for both years. Round your answer to 2 decimals. The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts, and 2 pants. In 2008, bread cost $1.00 per loaf, milk cost $1.50 per gallon, shirts cost $6.00 each, and pants cost $10.00 per pair. In 2009, bread cost $1.50 per loaf, milk cost $2.00 per gallon, shirts cost $7.00 each, and pants cost $12.00 per pair. Use the year 2008 as the base year. Calculate the CPIs for both years. Round your answer to 2 decimals.

Answer rating: 100% (QA)

Goods Bread Milk Shirts Pants Quantity 4 6 2 2 Price 2014 100 150 600 1000 C... View the full answer