Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the CPI for 2012 (using 1 decimal place). _____ Calculate the CPI for 2013 (using 1 decimal place). _____ Calculate the inflation rate for 2012 using the CPI (using 1 decimal place). ____% Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). ____%

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the CPI for 2012 (using 1 decimal place). ___ Calculate the CPI for 2013 (using 1 decimal place). _ Calculate the inflation rate for 2012 using the CPI (using 1 decimal place). % Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). __%

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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	2011		2012		2013
Product	Quantity	Price	Quantity	Price	Quantity	Price
Textbooks	90	$50	100	$60	100	$65
Hamburgers	75	2	100	2	120	2.25
Shirts	50	30	50	25	65	25
Cotton	100	0.80	800	0.60	120	0.70