Identify three strengths and threeweaknesses of the calculation

Question details:

CheckPoint: Calculation of the Consumer Price Index (CPI)

The Bureau of Labor Statistics follows five steps to calculate Consumer Price Index.

· Resource: Ch. 24 (pp. 520-522) of Principles of Economics and Appendix D

· Review Appendix D. Using the chart provided, identify three strengths and threeweaknesses of the calculation.

· Post a 200- to 300-word response that answers the following questions once your chartis complete:

· What are the characteristics of the items listed as strengths?

· What are the characteristics of the items listed as weaknesses?

· If the CPI is imperfect, why do we use it?

Solution

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