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5 July, 18:11

Suppose a basket of goods and services has been selected to calculate the cpi and 2004 has been selected as the base year. in 2002, the basket's cost was $50; in 2004, the basket's cost was $52; and in 2006, the basket's cost was $54.60. the value of the cpi in 2006 was

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  1. 5 July, 20:59
    0
    104

    Explanation:

    CPI is the consumer price index. It is a measure of changes in prices level in an economy. CPI is used to indicate the inflate rate in a country.

    The formula for calculating the CPI is as follows.

    CPI = current basket prices / base year basket price x 100

    In this case.

    CPI = 52/50 x 100

    CPI = 1.04 x 100

    CPI = 104
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Home » Business » Suppose a basket of goods and services has been selected to calculate the cpi and 2004 has been selected as the base year. in 2002, the basket's cost was $50; in 2004, the basket's cost was $52; and in 2006, the basket's cost was $54.60.
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