12. Consider the following data for the Simpleland economy. Year Price of cell phones Price of ham sandwiches 2006 $50 $3 2007 $60 $4 2008 $55 $5 (Fixed basket consists of 2 cell phones and 20 ham sandwiches, and the base year is 2006.) Compute the CPI for the years 2006, 2007 and 2008. Show the steps clearly.
12. Consider the following data for the Simpleland economy. Year Price of cell phones Price of ham sandwiches 2006 $50 $3 2007 $60 $4 2008 $55 $5 (Fixed basket consists of 2 cell phones and 20 ham sandwiches, and the base year is 2006.) Compute the CPI for the years 2006, 2007 and 2008. Show the steps clearly.
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 4.9P
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