The Consumer Price Index (CPI) is used to measure prices relative to some base price. The Bureau of Labor Statistics maintains the index which measures prices relative to the years 1982 to 1984. The base CPI is 100 and corresponds to average prices in 1982 to 1984. Suppose the CPI for new vehicles in November 2018 was 146.045. This means that prices for new vehicles in November 2018 were 146.045% of what they were in 1982 to 1984. a) Suppose in 1984, the list price of a new Toyota Corolla was $8,793.00. Using the CPI, what would be the price of a new Toyota Corolla in November 2018? Round to the nearest cent. $ Toyota Corolla Preview b) Suppose in November 2018, the list price on a base model of the Toyota Tacoma was $28,100.00. Using CPI, find the list price of a new Tacoma in 1984. Round to the nearest cent.
