(3) Cost of Basket in… Show more Consumer Price Index Product (1) Qty in Market Basket (2) Prices in Base Yr (3) Cost of Basket in Base Yr (3) = (1) x (2) (4)Prices in Current Yr (5) Cost of Basket in Current Yr (5) = (1) x (4) Twinkies 365 Pkgs $089/pkg $324.85 $0.79 $288.35 Fuel Oil 500 Gallons $1.00/gal $500.00 $1.50 $750.00 Cable TV 12 months $30.00/mo $360.00 $30.00 $360.00 Total $1,184.85 $1,398.35 Calculate a new consumer price index for the above data. Assume that current-year prices of Twinkies, Fuel oil, and cable TV are $0.95/pkg, $1.25/gal, and $15/mo, respectively. Calculate the current year’s cost of the market basket and the value of the current year’s price index. What is the year’s percentage change in the price level compared to the base year? • Show less