The consumer price index for Planet Econ consists of only two items: books and hamburgers. In 2015, the base year, the typical consumer purchased 10 books for $25 each and 25 hamburgers for $2 each. In 2017, the typical consumer purchased 15 books for $30 each and 30 hamburgers for $3 each. The consumer price index for 2017 on Planet Econ equals:
A) 1.00
B) 1.15
C) 1.25
D) 1.45
Correct Answer:
Verified
Q2: The typical family on the Planet Econ
Q3: A consumer expenditure survey reports the following
Q4: The consumer price index measures the cost
Q5: If the total expenditures of a typical
Q6: If the consumer price index decreased from
Q7: Suppose that the total expenditures for a
Q8: The typical family on the Planet Econ
Q9: The CPI is a measure of the:
A)real
Q10: A measure of the average price of
Q11: Suppose that the total expenditures for a
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