rk Ch 11 Due on Jun 21 at 6 PM EDT Consider a fictional pri

?? rk (Ch 11) Due on Jun 21 at 6 PM EDT Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student\'s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2014, 2015, and 2016 The cost of each item in the basket and the total cost of the basket are shown for 2014. Perform these same calculations for 2015 and 2016, and enter the results in the following table. 2014 2015 2016 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 10 100 110:1 ?? 140 ? Calculators 100 150 Energy drinks Textbooks Total cost Price index 150 100 1,000 1,400 100 100 120 ? 150 Type here to search

Solution

Ans:

1) Calculations for 2015

2) Calculations for 2016

Particulars	Quantity in Basket	Price	Cost = quantity * price
Notebooks	10	$7	$70
Calculators	1	$110	$110
Large coffees	150	$1	$150
Energy drinks	50	$3	$150
Textbooks	10	$120	$1200
Total cost			$1680
Price Index= ($1680 / $1400) * 100			120