Question

The Consumer Price Index​ (CPI) is a measure of the average change in price over time from a designated reference​ period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the​ CPI, what would a car sell for​ (to the nearest​ dollar) in 2012 if a comparable model sold for ​$13,000 in​ 1999?

Answer 1

The car sell for​ in 2012 if a comparable model sold for ​$13,000 in​ 1999 at $19023.58

What is CPI?

The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.

Given:

model sold for ​$13,000 in​ 1999

So,

(13000*229.6)/156.9

=2984800/156.9

= 19023.58

Hence, the car would sell at $19023.58.

Learn more about CPI here:

brainly.com/question/26682248

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