30 Apr Question: Homework (Ch 24) 1. Calculating inflation using a simple price index Consider a fictional price i…
Homework (Ch 24) 1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPD), based on a typical college student’s annual purchases., Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2014, 2015, and 2016. The cost of each item in the basket and the total cost of the basket are shown for 2014. Perform these same calculations for 2015 and 2016, and enterthe results in the following table 2014 2015 2016 Price Price Cost Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars)(Dollars) (Dollars) 10 Calculators Large coffees Energy drinks Textbooks Total cost Price index 80 104 300 75 110 120 1,575 100 Suppose the base year for this price index is 2014
5% MINDTAP Textbooks 90 720 110 120 100 2015 and 2016, the CSPI increased by this quality change is hard to measure
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