Use the table and information below to answer the next two questions: Data for Questions 1 & 2 Product Quantityin 2011Price in2011Quantityin 2016Price in 2016 Water Bottles 100$10120$12 Winter Hats 50$1545$20 Baseball Tickets 200$40210$45 A very simple economy produces three goods: water bottles, winter hats, and baseball tickets. The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Assume that the average urban family of four consumes 3 water bottles, 5 winter hats, and 10 baseball tickets. Question 1 2 / 2 pts What is the CPI in 2011 using 2011 as the base year? 116.03 82.70 120.92 Correct! 100 86.18
Question 2 2 / 2 pts What is the CPI in year 2016 using 2011 as the base year?
