You are paid $82.59 for 7 1/2 hours at work. what is your rate of pay ?
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Customer price index is the price index which measures the weight average of price of basket of customers goods or services. The reasonable estimate of the current customer price index is 195. The option B is the correct option.
Given information-
The data table for the given problem is attached below.
<h3>Customer price index</h3>Customer price index is the price index which measures the weight average of price of basket of customers goods or services. It can be given as,
Here is the cost of market basket in current period and
is the cost of market basket in the base period.
Cost of market basket in current period is.
Cost of market basket in 1983 is,
Put the value in the customer price index formula,
Thus the value of current CPI is 190.5 which is near about the 195.
Hence the reasonable estimate of the current customer price index is 195. The option B is the correct option.
Learn more about the customer price index here;
