Essentials of Economics
Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
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Chapter 13, Problem 9P
To determine

The inflation rate from 2011-2012 and from 2012-2013.

Concept Introduction:

Consumer price index (CPI): It calculates the weighted average of prices of all the goods and services that are in the consumer’s basket, the consumer basket contains all those goods and services which are consumed by the consumer for satisfaction of his wants.

Inflation rate: The overall increase in CPI, which is the weighted average of prices of all goods and services, is known as inflation rate.

Formula to calculate inflation rate is:

Essentials of Economics, Chapter 13, Problem 9P

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