Concept explainers
Consumer Price Index The following graph shows the approximate value of the U.S. Consumer Price Index (CPI) from July 2005 through March 2006:
The approximating curve shown on the figure is given by
where t is time in months. (
a. Locate the intercepts, extrema, and points of inflection of the curve, and interpret each feature in terms of the CPI. (Approximate all coordinates to one decimal place.) [HINT: See Example 1.]
b. Recall from Section 5.2 that the inflation rate is defined to be
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Chapter 5 Solutions
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