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California Maritime Academy’s Consumer Price Index for October/December 2007

California Maritime Academy’s Consumer Price Index for October/December 2007. Bray, Devon Holmes, Kyle Lucido, Ryan Lush, Caleb. Defining. Consumer Price Index (CPI)- -measurement of change in price of goods over time -developed using a market basket approach

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California Maritime Academy’s Consumer Price Index for October/December 2007

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  1. California Maritime Academy’sConsumer Price Index forOctober/December 2007 Bray, Devon Holmes, Kyle Lucido, Ryan Lush, Caleb

  2. Defining • Consumer Price Index (CPI)- -measurement of change in price of goods over time -developed using a market basket approach -generally used to compare dollar amounts between different years

  3. Determining • Prices included in our Market Basket -Tuition (In-State, Out of State) -Room and Board (On and Off-Campus) -Health Services/Medical Insurance -Uniforms -Cruise -Miscellaneous Fees -Books/Supplies -Personal Expenses -Transportation

  4. Costs of Attending CMA for October

  5. Errors • We estimated totals for October by taking the school’s given estimated fees for a semester and dividing them by 4. (there are 4 months to a semester) However, these fees may not be spent in equal four month installments. • The prices we put in our market basket did not change between October and December, so we didn’t leave room for inflation. Therefore, we were incapable of fully calculating an entirely accurate CPI. • We included Cruise, an occasional fee, in the monthly basket…this made sense at the time, but now we know there’s no point adding it because Cruise is not necessarily paid every year.

  6. Sources of Error • The survey we conducted among 25 of our peers proved to be unhelpful to determining the CPI because prices were too specific to those students. Instead, we relied on the university’s estimates, which were apparently too much of a generalization. • We didn’t research exact prices for things regarding transportation, and instead “guess-timated” • We didn’t look at the specific quantities of classes of students when determining the fee of school supplies

  7. Conclusion • Unfortunately, due to our methodology in determining CPI, there is not a place for inflation, so we could not calculate the price difference between October and December. We’ve discovered what we did wrong and acknowledge our errors, but we can’t really say that the CPI is for the time period used. If we had been able to use different years instead of months, we would have been able to more accurately describe the CPI here at CMA. However, that was not possible when we were following the outline of the assignment.

  8. References • *Estimates found in California Maritime Academy General Handbook 2005-2007 Edition. • *Institute for Research on Poverty (2007). What is the consumer price index and how is it used? Retrieved from http://www.irp.wisc.edu/faqs/faq5.htm on October 20, 2007. • *Semester Graph Costs (*). CMA Viewbook 2006-2008. Retrieved from http://www.csum.edu/images/Viewbook_06-08.pdf on October 21, 2007.

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