PART TWO (18 points) Suppose that in Monrovia the consumer mark t basket is defi

Question

PART TWO (18 points) Suppose that in Monrovia the consumer mark t basket is defined as four oranges, seven cupeakes, and three quarts of milk. Furthermore, suppose you have the following price information Year 2011 2012 2013 Price of oranges Si SI S2 Price of cupcakes S3 $4 $4 Price of milk S2 S3 S4 a) Use the above information to complete the following table. (3 points) Cost of market basket in 2011 Cost of market basket in 2012 Cost of market basket in 2013 | b) Using 2012 as the base year complete the following table. Calculate your answer to one place past decimal. (3 points)

Explanation / Answer

Ans e The CPI is as :

2011 64.6

2012 85.4

2013 100

F. The result is clearly show that e part is more than C part.

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