Business, 21.06.2021 21:00 juniorvalencia4

A Consumer Expenditure Survey in the city of Firestorm shows that people buy only firecrackers and bandages. A Consumer Expenditure Survey in 2019 shows that the average household spent $44 on firecrackers and $12 on bandages. In 2019, the reference base year, the price of a firecracker was $1, and the price of bandages was $3 a pack. In the current year, 2020, firecrackers are $6 each and bandages are $3 a pack. Calculate the CPI in 2012 and the inflation rate in 2012.

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Answer from: josephmarvens1666

Solution :

Base year : 2019

Expenditure on crackers : $44

Expenditure on bandages : $12

Price of a firecracker : $1

Price of bandages : $3 per pack

Number of crackers bought = $\frac{44}{1}$

= 44

Number of bandages bought = $\frac{12}{3}$

= 4

Total expenditure in 2019 = $44 + $12

= $56

Year 2020

Price of a firecracker = $6

Price of a bandage = $3

Expenditure on the crackers = $ 6 x 44

= $ 264

Expenditure on the bandages = $ 3 x 4

= $ 12

Total expenditure in 2020 = $ 264 + $ 12

= $ 276

CPI in the year 2020 (base year 2019) = $\frac{276}{56}\times 100$

= 492.8

Inflation in 2020 (2019 base year = 100) = $\frac{492.8-100}{100 \times 100}$

= 0.039

= 3.9%

So, CPI = 492.8

Inflation rate = 3.9%

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