A bookcase costs $93.11 when the CPI is 191. What is the CPI when a bookcase costs $76.05?

a.

213

b.

181

c.

156

d.

122

The value of the CPI (Consumer Price Index) is calculated by dividing first the current period price by the base period price and multiply the quotient by 100. Using the first set of values, we get base period price.

CPI = (current period price / base period price) x 100

191 = (93.11 / base period price) x 100

base period price = 48.75

Then, using this base period price and the second current period price, we solve for the second CPI

CPI = (76.05 / 48.75) x 100

CPI = 156

Therefore, the answer to this item is letter C.