If the cost of a market basket of goods and services is $3,500 in 2012, the cost of the same market basket in 2015 is $5,600.
According to common definitions, a market basket is a selected mix of goods and services.
The market basket is commonly used to track the price performance of a specific market or segment, especially with regard to inflation.
An example of a market basket is the Consumer Price Index (CPI). The CPI is an estimate of the average change of price paid for a specific basket of goods and services over time.
Date Price Index
2011 95
2012 100
2013 129
2014 131
2015 160
Cost of market basket in 2012 = $3,500
Cost of market basket of goods and services in 2015 = $5,600 ($3,500/100 x 160)
Thus, if the cost of a market basket of goods and services is $3,500 in 2012, the cost of the same market basket in 2015 is $5,600.
Learn more about the consumer price index at https://brainly.com/question/1889164
