-The Table Above Gives the CPI Basket for 2012

question 93

Essay

$$\begin{array} { | l | c | c | c | } \hline { \text { Item } } & \begin{array} { c } \text { Quantity } \\( 2012 )\end{array} & \begin{array} { c } \text { Price } \\( 2012 )\end{array} & \begin{array} { c } \text { Price } \\( 2013 )\end{array} \\\hline \text { Oranges } & 50 & \$ 0.90 & \$ 0.75 \\\hline \text { Bananas } & 100 & \$ 0.50 & \$ 0.95 \\\hline \text { Chicken } & 200 & \$ 2.00 & \$ 2.50 \\\hline \text { Beef } & 100 & \$ 5.00 & \$ 4.80 \\\hline \text { Bread } & 300 & \$ 1.75 & \$ 2.00 \\\hline\end{array}$$
-The table above gives the CPI basket for 2012.Suppose that 2012 is the reference base period.
a) What is the cost of the CPI basket in 2012?
b) What is the cost of the CPI basket in 2013?
c) What is the CPI for 2012?
d) What is the CPI for 2013?

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Definitions:

First-Order Polynomial Model

A mathematical model of a linear relationship between the independent variable and the dependent variable, characterized by having no exponents higher than one.

Predictor Variable

A variable used in statistical models to predict or influence the outcomes of a dependent variable.

First-Order Model

A model that describes a system's behavior using a first-degree polynomial, indicating linear relationships between variables.

Unit Increase

A term typically used in statistical or mathematical contexts to denote an increment of one in the value of a variable or parameter.