The basket for this question is a giant bowl of pudding. To make a giant bowl of

Question

The basket for this question is a giant bowl of pudding. To make a giant bowl of pudding you need 1 gallon of milk and 8 boxes of pudding mix. Below are the prices for 2014 and 2015. For all answer use 2014 as the base year.

For all answers do not write $ or %. Round to nearest whole number or percent

How much did the basket cost (giant bowl of pudding) in 2014 $[ ] and how much in 2015 $[ ]

Calculate the CPI for 2014 [ ] and 2015 [ ]

In 1997 the CPI was 80. What was the percentage change in prices from 1997 to 2014?  [ ]%

In 1997 Barry and Levon spent $240 on pudding how much would the same pudding cost in 2014? [ ]

please I need all the answers

Price of 1
Gallon of Milk       Price of 1
    box of pudding mix 2014       $4            $2 2015       $5             $3

Explanation / Answer

(1) Cost of basket, 2014 = 4 x 1 + 2 x 8 = 4 + 16 = 20

(2) Cost of basket, 2015 = 5 x 1 + 3 x 8 = 5 + 24 = 29

(3) CPI in 2014 = 100 (Since base year CPI equals 100)

(4) CPI in 2015 = (Cost of basket, 2015 / Cost of basket, 2014) x 100 = (29 / 20) x 100 = 145

(5) % Change in price from 1997-2014 = % Change in CPI = (100 / 80) - 1 = 1.25 - 1 = 0.25 = 25%

(6) Cost in 2014 = Cost in 1997 x (CPI in 2014 / CPI in 1997) = 240 x (100 / 80) = 300

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