Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2008 the CPI is 450. What does this "450" mean? a. What cost $100 in 1982 will on average cost 450 times as much in 2008. b. What cost $100 in 1982 will on average cost $450 morein 2008. c. What cost $100 in 1982 will on average cost 100/450 (or 0.22) times as much in 2008 (that is, it will cost $22 in 2008). d. What cost $100 in 1982 will on average cost $350 more.
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