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Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI) BASE YEAR (2010) 2019 2020 Quantity Price Price Price Product Haircuts 2 $10.00 $11.00 $16.20 Hamburgers 11 2.00 2.45 2.40 Movies 5 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to one

Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI) BASE YEAR (2010) 2019 2020 Quantity Price Price Price Product Haircuts 2 $10.00 $11.00 $16.20 Hamburgers 11 2.00 2.45 2.40 Movies 5 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to one

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 33P: The index number representing the price level changes from 110 to 115 in one year and then from 115...
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Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI). BASE YEAR (2010) 2019 2020 Product Quantity Price Price Price Haircuts 2 $10.00 $11.00 $16.20 Hamburgers 11 2.00 2.45 2.40 Movies 5 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to one decimal place)
Transcribed Image Text:Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI). BASE YEAR (2010) 2019 2020 Product Quantity Price Price Price Haircuts 2 $10.00 $11.00 $16.20 Hamburgers 11 2.00 2.45 2.40 Movies 5 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to one decimal place)
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