Concept explainers
Inflation The following graph shows the approximate value of the U.S. Consumer Price Index (CPI) from July 2005 through March 2006:
CPI July 2005-Mar 2006
The approximating curve shown on the figure is given by
where t is time in months since the start of July 2005.
a. Use the model to estimate the monthly inflation rate in December 2005 and February
b. Was inflation slowing or speeding up in February 2006?
c. When was inflation speeding up? When was inflation slowing? [HINT: See Example 3.]
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Applied Calculus, Loose-leaf Version
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