https O https// connect.html Chapter 6 Homework Help Seve & Exit Submit Check my

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https O https// connect.html Chapter 6 Homework Help Seve & Exit Submit Check my work 8 The Bureau of Labor Statistics has found that the base-year expenditures of the typical consumer break down as Food and beverages points Medical care eBook Print References by 4 percent, and the price of medical care has increased by 8 percent. Other prices are unchanged. Instructions: Enter your responses by rounding the CPI to three decimal places The CPI for the current year is Suppose that since the base year, the prices of food and beverages have increased by 8 percent, the price of housing has increased O Type here to search

Explanation / Answer

Food and beverages (new share) = 17.8 x (1 + 8%) = 19.224

Housing (new share) = 42.8 x (1 + 4%) = 44.512

Medical care (new share) = 5.7 x (1 + 8%) = 6.156

CPI current year= 103.592 (add the new shares)

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