Use the information in the table below to calculate the CPI in the current year.

Product

Quantity in Market Basket

Unit Price in the Base Year

Unit Price in the Current Year

Bar of Soap

10

$1

$1

Big Mac

20

$2

$3

Pair of Socks

30

$3

$2

Question

Use the information in the table below to calculate the CPI in the current year.

Product

Quantity in Market Basket

Unit Price in the Base Year

Unit Price in the Current Year

Bar of Soap

10

$1

Big Mac

20

$2

$3

Pair of Socks

30

$3

$2

BlackTom AI · Accepted Answer

To tackle this problem, I’ll first restate the data we’re given and what the CPI calculation requires.
- The basket consists of: Bar of Soap, Big Mac, and Pair of Socks, with quantities 10, 20, and 30 respectively.
- Base year prices: Soap $1, Big Mac $2, Socks $3.
- Current year prices: Soap $1, Big Mac $3, Socks $2.

Next, I’ll compute the total cost of the basket in the base year.
- Soap: 10 × $1 = $10
- Big Mac: 20 × $2 = $40
- Socks: 30 × $3 = $90
- Total base year cost = $10 + $40 + $90 = $140

Then, I’ll compute the total cost of the same basket in the current year.
- Soap: 10 × $1 = $10
- Big Mac: 20 × $3 = $60
- Socks: 30 × $2 = $60
- Total current year cost = $10 + $60 + $60 = $130

Now I’ll calculate the CPI using the standard formula: CPI = (Current Year Cost / Base Year Cost) × 100.
- CPI = ($130 / $140) × 100 = 0.92857 × 100 ≈ 92.857...
- Rounding to the nearest whole number gives CPI ≈ 93.

Let’s evaluate the answer choices one by one:
- Option 1: CPI = 71. This is far from the computed 93; likely a miscalculation of either base or current year costs, or a misapplication of the formula.
- Option 2: CPI = 93. This matches the calculation above (approximately 92.857, rounded to 93). This appears correct based on the data given.
- Option 3: CPI = 108. This would occur if the current-year basket cost were much higher relative to the base year, which is not the case here since the current-year total cost ($130) is actually less than the base-year total cost ($140).
- Option 4: CPI = 140. This value would imply the current-year cost equals 140% of base year, which does not align with the computed ratio of 130/140.

In summary, the correct approach shows the base-year cost as $140, the current-year cost as $130, and the CPI as (130/140) × 100 ≈ 92.86, which rounds to 93. The other options reflect miscalculations or misinterpretations of the formula.

Use the information in the table below to calculate the CPI in the current year. Product Quantity in Market Basket Unit Price in the Base Year Unit Price in the Current Year Bar of Soap 10 $1 $1 Big Mac 20 $2 $3 Pair of Socks 30 $3 $2单项选择题

类似问题

How are the weights on the various goods and services in the CPI basket determined?

Suppose a basket of goods and services has been selected to calculate the CPI and Year 1 has been selected as the base year. In Year 1, the basket's cost was $50; in Year 2, the basket's cost was $52; and in Year 3, the basket's cost was $55. The value of the CPI in Year 3 was

If the current year CPI is 140, then the price level has increased 40 percent since the base year.

The CPI for 2008 is computed by dividing the price of the basket of goods and services in 2008 by the price of the basket of goods and services in the base year, then multiplying by 100.

One problem with the consumer price index stems from the fact that, over time, consumers tend to buy larger quantities of goods that have become relatively less expensive and smaller quantities of goods that have become relatively more expensive. This problem is called[Fill in the blank]

In the CPI, goods and services are weighted according to[Fill in the blank]

The consumer price index is used to[Fill in the blank]

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单