in 1983, a pair of jeans cost $66.35. if a pair of jeans costs $118.10 today, what is the cpi?
a. 152
b. 156
c. 178
d. 184

please select the best answer from the choices provided
a
b
c
d

Question

in 1983, a pair of jeans cost $66.35. if a pair of jeans costs $118.10 today, what is the cpi?
a. 152
b. 156
c. 178
d. 184

please select the best answer from the choices provided
a
b
c
d

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Consumer Price Index" ], "new_concepts": [], "current_concepts": [ "Consumer Price Index", "Inflation Adjustment" ] } ## State the given values and formula Using the *Consumer Price Index* knowledge point $$ \begin{aligned} &\text{Price in base year (1983)} = \$66.35\ &\text{Price today} = \$118.10\ &\text{Base year CPI} = 100\ &\text{CPI}_{\text{today}} = \frac{\text{Price}_{\text{today}}}{\text{Price}_{\text{base}}} \times 100 \end{aligned} $$ ## Calculate the current CPI Using the *Consumer Price Index* knowledge point $$ \begin{aligned} &\text{CPI}_{\text{today}} = \frac{118.10}{66.35} \times 100 \approx 1.77995 \times 100 \approx 178 \end{aligned} $$

a. 152

b. 156

c. 178

d. 184

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Macroeconomics", "Consumer Price Index" ] }

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Question

Explanation:

State the given values and formula

Calculate the current CPI

Answer: