Product Base Year Quantity Price (2013) (2021) Price Price (2022) Tacos 5 $1.50 $2.00 $2.25 Earplugs 10 6.00 7.50 7.00 Toothbrushes 3 2.50 3.50 3.50 Refer to Table 9. Consider a simple economy that produces only three products: tacos, earplugs, and toothbrushes. Use the information in the table to calculate the inflation rate for 2022, as measured by the consumer price index.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Product
Base Year
Quantity Price (2013) (2021)
Price
Price
(2022)
Tacos
5
$1.50
$2.00
$2.25
Earplugs
10
6.00
7.50
7.00
Toothbrushes
3
2.50
3.50
3.50
Refer to Table 9. Consider a simple economy that produces only
three products: tacos, earplugs, and toothbrushes. Use the
information in the table to calculate the inflation rate for 2022, as
measured by the consumer price index.
Transcribed Image Text:Product Base Year Quantity Price (2013) (2021) Price Price (2022) Tacos 5 $1.50 $2.00 $2.25 Earplugs 10 6.00 7.50 7.00 Toothbrushes 3 2.50 3.50 3.50 Refer to Table 9. Consider a simple economy that produces only three products: tacos, earplugs, and toothbrushes. Use the information in the table to calculate the inflation rate for 2022, as measured by the consumer price index.
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