The actual price is 13.6% lower than the expected price.
CPI or Consumer Price Index is a measure of determining retail inflation in an economy, based on price variations in a fixed basket of goods and services, over overtime periods.
Let's suppose the expected price is x.
The percent relation of the actual price of a winter hat to the expected price is given by;
CPI = ( expected price ) : ( price in 1983 ) × 100
219 = ( x : 12.95 ) × 100
Divide both sides by 100.
x : 12.95 = 2.19
x =2.19 × 12.95
x = $28.36 ( expected price )
p = ( 24.50 × 100 ) / 28.36
p= 2450/28.36
p = 86.4 %
100 % - 86.4 % = 13.6 %
Hence, the actual price is 13.6% lower than the expected price.
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https://brainly.com/question/3078831
