ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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
2
4.00
4
8.00 3
2011 4.00
6.00
4
11.00 3
2012 4.00
2
5.00
4
12.00 3
a. What is the rate of inflation between 2010 and 2012?
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Transcribed Image Text: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 2 4.00 4 8.00 3 2011 4.00 6.00 4 11.00 3 2012 4.00 2 5.00 4 12.00 3 a. What is the rate of inflation between 2010 and 2012?
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