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The Consumer Price Index (CPI) Is Calculated by Averaging the Prices

question 69

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The consumer price index (CPI) is calculated by averaging the prices of various items after assigning a weight to each item. The following table gives the consumer price indexes for selected years from 1940 through 2002, reflecting buying patterns of all urban consumers. Find an equation that models these data and use it to predict the consumer price index in 2015. Use the model to predict the consumer price index in 2015. Round your answer to two decimal places. ​ The consumer price index (CPI)  is calculated by averaging the prices of various items after assigning a weight to each item. The following table gives the consumer price indexes for selected years from 1940 through 2002, reflecting buying patterns of all urban consumers. Find an equation that models these data and use it to predict the consumer price index in 2015. Use the model to predict the consumer price index in 2015. Round your answer to two decimal places. ​   ​ Source: U.S. Bureau of the Census ​ A) 76.47 B) 129.14 C) 169.33 D) 216.39 E) 326.77
Source: U.S. Bureau of the Census


Definitions:

Robinson-Patman Act

A United States federal law aimed at preventing anticompetitive practices by producers, specifically price discrimination.

Sherman Act

A landmark antitrust law passed in the United States in 1890, aimed at maintaining fair competition by prohibiting monopolies and other practices that restrained trade.

Price Level

The mean value of current prices across all types of goods and services generated within the economy.

Approximate Price

An estimated cost of a product or service, which may not be the final price due to various influencing factors.

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