The College Student Price Index (CSPI) is based on a survey of annual purchases of a typical college student. Information on the base-year basket for the CSPI is shown below, along with the prices for each of the goods in 2000 (the base year), 2001, and 2002.
Good Base-Year Quantity 2000 2001 2002
Notebooks 10 $2 $1 $3
Calculator 1 $50 $60 $70
Large Coffee 200 $1 $1 $1
High-Caffeine Cola 50 $2 $3 $4
Textbooks 10 $100 $120 $150
Calculate the cost of the base-year basket in 2001.