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Calculate the CPI for 2008. CPI for 2000 (base year) =100 Item Quantity Price in 2000...

Calculate the CPI for 2008. CPI for 2000 (base year) =100 Item Quantity Price in 2000 Price in 2008 Gasoline 100 1.50 3.50 Shirts 5 30 50 Sneakers 4 50 80 Restaurant Meals 10 10 18 Books 15 40 80 133. 160. 192. 176.

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Answer #1
Item Quantity (2000) Base year Price 2000 $ ( base year) Price 2008 $ market basket in 2000 $ market basket in 2008 $
Gasoline 100 1.50 3.50 150 350
Shirts 5 30.00 50.00 150 250
Sneakers 4 50.00 80.00 200 320
Restaurant meals 10 10.00 18.00 100 180
Books 15 40.00 80.00 600 1200
1200 2300
CPI formula (Base year basket quantity times current year prices)/Base year basket quantities times base year prices)100
CPI in 2008 (2300/1200) x 100= 192
Answer is 192.
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