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

question 74

Multiple Choice

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. ​

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Source: U.S. Bureau of the Census
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• A) 76.47
• B) 129.14
• C) 169.33
• D) 216.39
• E) 326.77

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Definitions:

Conglomerate

A coarse-grained sedimentary rock composed of rounded fragments or clasts of pre-existing rocks.

Basalt

A dark, fine-grained volcanic rock that is formed from the rapid cooling of basaltic lava at the Earth's surface.

Clasts

Fragments of geological detritus, such as minerals and rocks, formed by weathering and erosion.

Unconformity

A geological surface that represents a gap in the geological record, often due to erosion or lack of deposition over a period of time.