Product Quantity Base Year Price (2011) Price (2021) Price (2022) Burritos 10 $1.00 $1.50 $1.75 Flashlights 15 5.00 7.00 6.75 Golf Balls 8 2.00 3.00 3.50 Consider a simple economy that produces only three products: burritos, flashlights, and golf balls. Use the information in the table to calculate the total expenditure for 2021 and 2022; the CPI for 2021 and 2022, and the rate of inflation for 2022, as measured by the CPI. Please include all work.

Product Quantity Base Year Price (2011) Price (2021) Price (2022) Burritos 10 $1.00 $1.50 $1.75 Flashlights 15 5.00 7.00 6.75 Golf Balls 8 2.00 3.00 3.50 Consider a simple economy that produces only three products: burritos, flashlights, and golf balls. Use the information in the table to calculate the total expenditure for 2021 and 2022; the CPI for 2021 and 2022, and the rate of inflation for 2022, as measured by the CPI. Please include all work.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 19P

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*Product*	*Quantity*	*Base Year Price (2011)*	*Price (2021)*	*Price (2022)*
Burritos	10	$1.00	$1.50	$1.75
Flashlights	15	5.00	7.00	6.75
Golf Balls	8	2.00	3.00	3.50

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