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:

Sample Sizes

The number of individuals or observations included in a sample, which represents a portion of the larger population for the purpose of conducting statistical analysis.

Confidence Interval

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter.

Level of Confidence

A statistical measure expressed as a percentage that indicates the reliability of an estimate or range of values.

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter with a certain level of confidence.