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The table shows the cost of a fixed basket of goods that a typical urban consumer would buy in the economy of Kindleberger. The base period for the consumer price index (CPI) is the year 2000. Please specify answers to two decimal places.

Year Cost of a basket of goods
2000 $4,150.00
2011 $5,500.00
2012 $7,725.00

What is the CPI for 2000? ________________________________
What is the CPI for 2011? ________________________________
What is the CPI for 2012? ________________________________

The table shows the cost of a fixed basket of goods that a typical urban consumer would buy in the economy of Kindleberger The base period for the consumer pric class=

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adioabiola

The consumer price index for each year as given are as follows;

  • CPI for 2000 = 100%
  • CPI for 2011 = 132.5%
  • CPI for 2012 = 186%

Consumer Price Index computation

From the given data;

  • It follows that the Cost of a basket of goods in the base year, 2000 is; $4,150.00.

Hence, the consumer price index in each year as required are;

  • For year 2000; ($4,150/$4,150) × 100% = 100%

  • For year 2011; ($5,500/$4,150) × 100% = 132.5%

  • For year 2012; ($7,725/$4,150) × 100% = 186%

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