Predict the consumer price index using the model

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Reference no: EM131781449

Question: Modeling Consumer Price Index The consumer price index (CPI) is calculated by averaging the prices of various items after assigning a weight to each item, where the average for 1984 was 100. The following table gives the consumer price indexes for selected years from 1940 through 2008, reflecting buying patterns of all urban consumers, with x representing years past 1900.

(a) Find an equation that models these data.

(b) Use the model to predict the consumer price index in 2013.

Reference no: EM131781449

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