Mathematics Paper Analysis Consumer Price Index (Essay Sample)
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Consumer Price Index
The Consumer Price Index (CPI) indicates the spending habits for two distinct populations, that is the urban consumers and wage earners, and the clerical workers. The CPI is referred to as cost of living index, however, it is different in significant ways. The U.S Bureau of Statistics (BLS) has been using the cost of living as an objective measure of CPI. Besides, it has been informing decision making regarding questions which come up as a result of CPI development. As much as the cost of living index is a conceptual measurement goal, it is not a clear option for the CPI. The cost of living would estimate over a particular period the differences in the quantity that consumers require to use to attain a particular standard of living or rather a particular level of utility.
The cost of living index and CPI indicates the alterations in the prices of comodities and services like health care and food, which are bought directly from the producers. However, a complete cost of living would supercede this function to consider the alterations in both the environmental and governmental factors which influence the consumer's health. It is hard to establish the levels of treatment of public goods like education and safety. So is the case for public goods of wide interests like the quality of water, health care, and even crime. Obviously, these public goods make up a complete cost of living framework. Previously, the CPI was
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