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3 years ago

A Consumer Expenditure Survey in the city of Firestorm shows that people buy only firecrackers and bandages.

1 answer:

7 0

The CPI market basket in the base year is 39 firecrackers and 10 bandages. The percentage of the amount of firecrackers is 92.12%

Base Year is 2019

In 2019 Average spending on firecracker = $117

Price per 1 = $3

The total number of firecracker in this base year:

$\frac{117}{3}$ = 39 firecrackers

In the same year the amount spent on bandages = $10

price per 1 = $1

The total number bought = 10/1

= 10 bandages

The CPI market basket in the base year is 39 firecrackers and 10 bandages.

Total expenses in the base year = 117 + 10 = 127 dollars

The percentage of the amount of firecrackers:

$\frac{117}{127}$ = 0.9212

= 92.12%

The percentage of the amount of firecrackers is 92.12%

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