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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Compute the inflation rate for fruit prices from 2001 to 2004.

To determine

The rate of inflation for the price of fruits from 2001 to 2004 is to be calculated.

Explanation

The inflation rate is calculated as percentage change in the price index from year to year.

    Year2001200220032004
    Price index

      $10.70$15.35=69.71

      $13.80$15.35=84.61

      $15.35$15.35=100

      $16.31$15.35= 106.3

    Inflation rate --------

      (84

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