Principles of Macroeconomics

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8. (ConsumerPriceIndex)Calculateanewconsumerpriceindexforthedatainthefollowing exhibit.Assumethatcurrent-yearpricesofTwinkies,fueloil,andcableTVare

$0.95/package, $1.25/gallon,and$15.00/month,respectively.Calculatethecurrentyear'scoastofthemarket basket and the value of the current year's price index. What is this year's percentage changein the price level compared to the baseyear?

Currentcostofthemarketbasket=

a.  Twinkies-

b.   FuelOil-

c.   CableTV-

d.  Percentagechange-

 

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