(old number 12) Household spending in 2012 = $7,250/month. Household spending for the same items in...
(old number 12) Household spending in 2012 = $7,250/month. Household spending for the same items in 2017 = $8,000/month. With 2012 as the base year, the 2017 CPI =?
a. 0.80
b. 0.91
c. 1.10
d. 1.20
Homework Answers
Consider the CPI is calculated for same goods where they are valued at 7250 in 2012 and 8000 in 2017.
Since 2012 is base year, CPI of 2012 is 100
Therefore CPI of 2017
(Income of 2017/Income of 2012)
8000/7250 = 1.10
THEREFORE (C) 1.10 is the answer
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