Ask Question
16 September, 17:59

Suppose the current CPI is 240 and in 2002 it was 180. A pair of Levi's jeans costs $54 today. Based on the CPIs, what would you expect the 2002 price to have been for the same style of Levis, in a similar retail outlet?

+1
Answers (1)
  1. 16 September, 20:00
    0
    The price of Levis jeans in 2002 was $40.5 given the current price, current CPI and CPI in 2002.

    Explanation:

    CPI in current year = 240

    CPI in 2002 = 180

    Price of jeans today = $54

    Price of jeans in 2002 would be by the following formula

    Price of jeans in 2002 = (Price of jeans today * cpi in 2002) / CPI in current year

    = (54*180) / 240 = 40.5
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose the current CPI is 240 and in 2002 it was 180. A pair of Levi's jeans costs $54 today. Based on the CPIs, what would you expect the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers