Questions: East Pangea has computed the costs of its market baskets for three years in the table below. Using 2016 as your base year, compute the Consumer Price Index Number for all three years for East Pangea Instructions: Round your answers to one decimal place. 2015, 2016, 2017 Basket Cost, 1,065.0, 1,250.0, 1,325.0 Consumer Price Index

East Pangea has computed the costs of its market baskets for three years in the table below. Using 2016 as your base year, compute the Consumer Price Index Number for all three years for East Pangea Instructions: Round your answers to one decimal place. 2015, 2016, 2017 Basket Cost, 1,065.0, 1,250.0, 1,325.0 Consumer Price Index
Transcript text: East Pangea has computed the costs of its market baskets for three years in the table below. Using 2016 as your base year, compute the Consumer Price Index Number for all three years for East Pangea Instructions: Round your answers to one decimal place. \begin{tabular}{l|c|c|c|} \hline & 2015 & 2016 & 2017 \\ \hline Basket Cost & $1,065.0$ & $1,250.0$ & $1,325.0$ \\ \hline Consumer Price Index & & & \\ \hline \end{tabular}
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Solution

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To compute the Consumer Price Index (CPI) for East Pangea using 2016 as the base year, we will use the following formula:

\[ \text{CPI in year } X = \left( \frac{\text{Cost of Basket in year } X}{\text{Cost of Basket in base year}} \right) \times 100 \]

Given:

  • Cost of Basket in 2015: $1,065.0
  • Cost of Basket in 2016 (base year): $1,250.0
  • Cost of Basket in 2017: $1,325.0

Let's compute the CPI for each year:

  1. CPI for 2015: \[ \text{CPI in 2015} = \left( \frac{1,065.0}{1,250.0} \right) \times 100 \] \[ \text{CPI in 2015} = \left( 0.852 \right) \times 100 \] \[ \text{CPI in 2015} = 85.2 \]

  2. CPI for 2016: Since 2016 is the base year, the CPI for 2016 is always 100. \[ \text{CPI in 2016} = 100.0 \]

  3. CPI for 2017: \[ \text{CPI in 2017} = \left( \frac{1,325.0}{1,250.0} \right) \times 100 \] \[ \text{CPI in 2017} = \left( 1.06 \right) \times 100 \] \[ \text{CPI in 2017} = 106.0 \]

Summarizing the results:

  • CPI for 2015: 85.2
  • CPI for 2016: 100.0
  • CPI for 2017: 106.0

These values represent the Consumer Price Index for East Pangea for the years 2015, 2016, and 2017, with 2016 as the base year.

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