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CPI trend for travel time

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What is CPI? Given that the CPI trends for travel time for 2010 and this year are 183.42 and 191.35 respectively, calculate the current value of travel time if it was $24.50 per hour in 2010. ____(20 points)

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Solution Summary

From given data of CPI trends for travel time, using previous travel time current year travel time is estimated.

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CPI stands for Consumer price Index, and it measures change in price ...

Solution provided by:
Amrit Lal Ahuja, PhD (IP)
Education
  • BEng, Allahabad University, India
  • MSc , Pune University, India
  • PhD (IP), Pune University, India
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    % change in prices for the current year as compared to 2010 = (current year's CPI - CPI for 2010)/ CPI for 2010 = (191.35 - 183.42) / 183.42 = 4.32% Value of travel time in 2010= $24.50 per hour Value of travel time now = $ 24.50 + 4.32% of $24.50

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