-The Table Above Gives the CPI Market Basket for 2008

question 116

Essay

$$\begin{array} { l c c c } { \text { Item } } & \begin{array} { c } \text { Quantity } \\( 2008 )\end{array} & \begin{array} { c } \text { Price } \\( 2008 )\end{array} & \begin{array} { c } \text { Price } \\( 2009 )\end{array} \\\hline \text { Oranges } & 50 & \$ 0.90 & \$ 0.75 \\\text { Bananas } & 100 & \$ 0.50 & \$ 0.95 \\\text { Chicken } & 200 & \$ 2.00 & \$ 2.50 \\\text { Beef } & 100 & \$ 5.00 & \$ 4.80 \\\text { Bread } & 300 & \$ 1.75 & \$ 2.00 \\\hline\end{array}$$
-The table above gives the CPI market basket for 2008 and 2009.Suppose that 2008 is the reference base period.
a. What is the cost of the CPI market basket in 2008?
b. What is the cost of the CPI market basket in 2009?
c. What is the CPI for 2008?
d. What is the CPI for 2009?

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