suppose the median household earned $10,000 in 1976 and $55,000 in 2022. during that time, also suppose the cpi rose from 50 to 240. what is the growth rate in real household income. between 1976 and 2022?

Divide the cost of the market basket in year t by the cost of the same market basket in the base year to determine the CPI in any given year.

What is the market?

The entire number of buyers and sellers in the area or region under consideration is referred to as the market. Earth, as well as several nations, regions, states, and cities, may be the subject. The worth, expense, and cost of the goods traded depend on the forces of supply and demand in the market.

Divide the cost of the market basket in year t by the cost of the identical market basket in the base year to determine the CPI in any given year. The CPI in 1984 was equal to $75 divided by $75 multiplied by 100. The CPI is merely an index number, and in this situation, 1984 serves as the base year for its indexing to 100. Thus, during those 20 years, prices have increased by 28%.

Therefore, The same market basket in the base year to determine the CPI in any given year

Learn more about the market here:

https://brainly.com/question/13414268

#SPJ1