Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2022 as measured by the consumer price index (CPI). BASE YEAR (2010) Quantity 2021 2022 Product Haircuts Hamburgers Movies Price Price Price 2 $10.00 $11.00 $16.20 6 2.00 2.45 2.40 6 15.00 15.00 14.00 Using the information in the table, the CPI for 2021, with 2010 as the base year, is 103.9 (Enter your response rounded to one decimal place.) The inflation rate for 2022 as measured by the consumer price index (CPI) is 3.2% (Enter your response rounded to two decimal places.)
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2022 as measured by the consumer price index (CPI). BASE YEAR (2010) Quantity 2021 2022 Product Haircuts Hamburgers Movies Price Price Price 2 $10.00 $11.00 $16.20 6 2.00 2.45 2.40 6 15.00 15.00 14.00 Using the information in the table, the CPI for 2021, with 2010 as the base year, is 103.9 (Enter your response rounded to one decimal place.) The inflation rate for 2022 as measured by the consumer price index (CPI) is 3.2% (Enter your response rounded to two decimal places.)
Chapter7: Unemployment And Inflation
Section: Chapter Questions
Problem 3.7P
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