4. Economists in Sandersonia have constructed a consumer basket of goods to track the price level in the economy. The basket of goods includes 2 cookies, 4 coffees and 3 books. The table below includes the price of the goods for three years. Calculate the price index for 2011 and 2012 using 2010 as a base year Year Cookies Number Coffee Number Books Number Index 2010 2.00 4.00 4 8.00 3 2011 4.00 6.00 4 11.00 3 2012 4.00 5.00 4 12.00 3 a. What is the rate of inflation between 2010 and 2012?

4. Economists in Sandersonia have constructed a consumer basket of goods to track the price level in the economy. The basket of goods includes 2 cookies, 4 coffees and 3 books. The table below includes the price of the goods for three years. Calculate the price index for 2011 and 2012 using 2010 as a base year Year Cookies Number Coffee Number Books Number Index 2010 2.00 4.00 4 8.00 3 2011 4.00 6.00 4 11.00 3 2012 4.00 5.00 4 12.00 3 a. What is the rate of inflation between 2010 and 2012?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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