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The Consumer Price Index (CPI) for the year 2012 is 2.412 and the retail price per bushel for corn is $US12.06. Using 1992 as the base year (I.e CPI is 100) by how much would the real price for corn have risen or fallen if the retail price for corn in 1992 were $US7.66. Using the CPI and the given price in 1992 what should be the expected price for corn in 2000? What should have been the price in 1992 if the price in 2000 were considered reasonable?

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