What would the output be?
1 answer:
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The actual price is $46.73 lower than the expected price.
<h3>What is the Formula for Consumer Price Index?</h3>
CPI=consumer price index in the current period
Ct= expected cost in current period
C₀ =cost in the base period
It is given that
Price in base period ie 1983 C₀= $78.75
The actual cost of the microwave oven = $92.66
Consumer Price Index= 177
So, expected price of microwave oven in the current period
Ct= CPIt * C₀ /100 = 177*78.75/100 = $139.39
Difference between the actual price and expected price = 139.39-92.66=$46.73
Therefore, The actual price is $46.73 lower than the expected price.
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