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Chapter 5

ECON 2010 Chapter 5 Notes

7 Pages
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Department
Economics
Course Code
ECON 2010
Professor
All

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Description
232013Chapter 5Measuring the Price LevelConsumer Price Index CPIa measure of price levela measure of the cost of living during a particular periodHow to calculate CPI1Pick a base year Determine the basket of goods and servicesDetermine the cost of baseyear basket of goods and servicesDetermine the cost of baseyear basket of goods and 2servicesin current yearCost of baseyear basket of goods and service in current year3CPI Cost of baseyear basket of goods and service in base yearExample2010 as base yearCPI in 2010680 680 CPI in 2015850 680 Cost of living in 2015 is 25 higher than in 2010Price Indexmeasure the average price of a given class of goods and service
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