Table 62 -Refer to Table 6

question 184

Multiple Choice

Table 6.2
$$\begin{array}{l}\text { Table } 6.2\\\begin{array} { | c | c | c | } \hline \text { Year } & \text { Price of apples } & \text { Price of oranges } \\\hline 2016 & \$ 3.00 & \$ 1.00 \\\hline 2017 & \$ 4.00 & \$ 2.00 \\\hline\end{array}\end{array}$$
-Refer to Table 6.2 of a consumer's basket that consists of apples and oranges. The consumer buys 6 units of apples and 2 units of oranges every year. What is the consumer price index for 2017 if the base year is 2016?

• A) 20
• B) 50
• C) 100
• D) 120
• E) 140

Learn about the processes involved in final evaluations and conferences, including strategies for effective communication and feedback handling.

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Definitions:

Inverse Demand Function

A mathematical expression that describes the relationship between the price of a good and the quantity demanded, showing how price changes as a function of demand.

Unit Tax

A tax that is imposed on a per unit basis, meaning that a specific amount is taxed for each unit of a good or service sold.

Total Costs

The total of variable and fixed expenses a business faces during the manufacturing of products or delivery of services.

Inverse Demand Function

Expresses the price of a good or service as a function of the quantity demanded, illustrating how price varies with changes in demand.