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Suppose the total cost of a fixed basket of consumer goods and services was $200 in the base year and $250 in the current year. Using this information, what is the value of the price index for the current year?
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Formula for a Price Index
Suppose the total cost of a fixed basket of consumer goods and services was $200 in the base year and $250 in the current year. Using this information, what is the value of the price index for the current year?
Analyzing Annual Price Changes
Calculating CPI from Basket Data
A country's economic analysts determine that the total cost of a representative basket of consumer goods was $500 in the designated base year. In the following year, the total cost for the exact same basket of goods fell to $450. Based on this data, the price index for the following year would be greater than 100.