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Table 24-3 The table below lists the per pound prices of meat and potatoes for t

ID: 1194195 • Letter: T

Question

Table 24-3 The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period.

Month

1.   Calculate the cost of a basket of goods for each month.

2. Calculate the consumer price index for February and March.

3. Calculate the inflation rate for February

4. Calculate the inflation rate for March.

Month Price of Meat Price of Potatoes January $3.50 $1.50 February $3.38 $0.60 March $4.00 $1.40

Explanation / Answer

1. the cost for month- 100

2. CPI- is - 1.2%

3. inflation rate is 4%

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