A Consumer Expenditure Survey in the city of Firestorm shows that people buy only firecrackers and bandages.
A Consumer Expenditure Survey in 2019 shows that the average household spent $117 on firecrackers and $10 on bandages.
In 2019, the reference base year, the price of a firecracker was $3, and the price of bandages was $1 a pack.
In the current year, 2020, firecrackers are $4 each and bandages are $2 a pack.
Calculate the CPI market basket and the percentage of a household’s budget spent on firecrackers in the base year.
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