Lesson 5.03 Try It 3

Calculating CPI

 

Scenario: Your market basket contains 4 fish and 3 chips. In 2005, the price of fish was $3 and chips cost $2.

Calculate: What is the cost of the same market basket in 2005?

Cost = Answer

 

Scenario: Your market basket contains 4 fish and 3 chips. In 2005, the price of fish was $3 and chips cost $2.

Calculate: If your market basket costs $18 dollars in 2005, and 2005 is the base year what is the CPI for the base year?

CPI = Answer

 

Scenario: Your market basket contains 4 fish and 3 chips. In 2005, the price of fish was $3 and chips cost $2.

Calculate: Assume the market basket in 2005 costs $18 and 2005 is the base year. What is the CPI for 2006 if the basket costs $24?

CPI = Answer

 

Scenario: Your market basket contains 4 fish and 3 chips. In 2005, the price of fish was $3 and chips cost $2.

Calculate: Assume that the market basket for 2005 is $18 and the market basket for 2006 is $24. If the base year is 2006, what is the CPI for 2005?

CPI = Answer