3. Consumer Price Index3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators:Base Year (2011)20142015ProductQuantityPriceExpenditurePriceExpenditurePriceExpenditureTextbook120$16$20$2860101521StudyguideCalculator8036.TotalFill all expenditures including total expenditures in the above table. Using the year 2011 as thebase year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014to 2015? Show your works

Consumer Price Index 3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators: 2015 Base Year (2011) Price 2014 Product Quantity Expenditure Price Expenditure Price Expenditure $28 21 Textbook 120 $16 $20 15 Study guide Calculator 60 10 80 3 Total Fill all expenditures including total expenditures in the above table. Using the year 2011 as the base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014 to 2015? Show your works

Consumer Price Index 3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators: 2015 Base Year (2011) Price 2014 Product Quantity Expenditure Price Expenditure Price Expenditure $28 21 Textbook 120 $16 $20 15 Study guide Calculator 60 10 80 3 Total Fill all expenditures including total expenditures in the above table. Using the year 2011 as the base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014 to 2015? Show your works

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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