Provide an Appropriate Response

question 167

Essay

Provide an appropriate response.
-What base is being used in a 3 -digit numeral having place values as depicted in the table. \begin{tabular} { l | l | l } 3rd position & 2nd position & 1st position \\ \hline sevens of sevens & sevens & ones \end{tabular}
$\begin{array}{l|l|l}\text { 3rd position } & \text { 2nd position } & \text { 1st position } \\\hline \text { sevens of sevens } & \text { sevens } & \text { ones }\end{array}$

---

Definitions:

Consumer Price Index

An index measuring the weighted average of prices of a basket of consumer goods and services, used as a measure of inflation.

Substitution Bias

The error made in inflation measurement due to changes in consumer purchasing behavior as they substitute cheaper goods for more expensive ones.

Quality

The degree to which a product or service meets certain standards or satisfies specified criteria, often related to excellence or superiority in performance.

Price Index

A statistical measure that shows changes in the price level of a basket of consumer goods and services over time, indicating inflation or deflation.