-The CPI basket contains 400 oranges and 800 pens. In the base year, the price of an orange is $1.00 and the price of a pen is $0.75. This year, urban consumers each buy 300 oranges at $2.00 each and 850 pens at $1.00 each. The CPI this year is .
Definitions:
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically upward sloping.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price over a specified period.
Supply
The total amount of a specific good or service that is available to consumers.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a particular price over a given period of time.
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