Use the information in the table to calculate a consumer price index (CPI) and the inflation rate. The base year is 1975. Round answer to two decimal places. Market basket Quantity 1975 prices 1976 prices A dozen eggs 21 $0.50 $0.90 Calculator 11 $10.50 $14.00 Microwave oven 2 $130.00 $150.00 What is the CPI for 1975? What is the CPI for 1976? What is the inflation rate for 1976?
Use the information in the table to calculate a consumer price index (CPI) and the inflation rate. The base year is 1975. Round answer to two decimal places. Market basket Quantity 1975 prices 1976 prices A dozen eggs 21 $0.50 $0.90 Calculator 11 $10.50 $14.00 Microwave oven 2 $130.00 $150.00 What is the CPI for 1975? What is the CPI for 1976? What is the inflation rate for 1976?
Chapter17: Inflation
Section: Chapter Questions
Problem 5SQ
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Question
Use the information in the table to calculate a
Market basket Quantity 1975 prices 1976 prices
A dozen eggs 21 $0.50 $0.90
Calculator 11 $10.50 $14.00
Microwave oven 2 $130.00 $150.00
What is the CPI for 1975?
What is the CPI for 1976?
What is the inflation rate for 1976?
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