extra_credit_02 - EC 102 Extra Credit Assignment#2 Due...

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EC 102 Extra Credit Assignment #2 Due: Wednesday, January 30 Throughout the semester, we will track three important macroeconomic indicators: Gross Domestic Product (GDP), the unemployment rate, and the Consumer Price Index (CPI). This assignment focuses on the Consumer Price Index and inflation. 1. Provide a formula for the consumer price index (CPI) (see chapter 7 of your textbook). CPI= (PRICE OF THE MOST RECENT MARKET BASKET IN THE PARTICULAR YEAR/PRICE ESTIMATE OF THE SAME MARKET BASKET IN 1982-1984) X 100 The Bureau of Labor Statistics (BLS) tracks the CPI for the U.S. It produces a large volume of data that can be accessed at http://www.bls.gov/ . Use this web site to answer the following questions. 2. The most recent press release from the BLS provides CPI information for December 2007. What is the release date for this information? (See the Consumer Price Index Summary) Wednesday, January 16, 2008 3. We are most interested in the CPI for All Urban Consumers (CPI-U). What is the
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