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The table below lists the prices from last year and the base year for a college related basket of goods.
Basket of Goods
Price Base Year
(dollars)
Price Last Year
a. What is the total cost for a basket of goods that includes 200 gallons of gas, 60 pizzas, 45 6-packs, and 3 textbooks?
In the base year: $_______
Last year: $________
b. Using this basket of goods, compute the following CPI values:
Instructions: Round your answers to 2 decimal places.
In the base year: ______
Last year: ______
c. Assume that rather than buying textbooks for their courses last year, all students decided to buy online access cards at $100 per textbook. Compute the total cost for this basket of goods and the CPI.
Total cost of basket: $ ________
CPI: _________
Determine the optimal bundle of x1 and x2 given the stated prices and income using one of the methods we went over in class.
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