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1. Calculate the CPI for 1998. 2. Calculate the CPI for 1999. 3. Calculate the inflation rate for 1998. An economy produces only Mo goods,

1. Calculate the CPI for 1998.

2. Calculate the CPI for 1999.

3. Calculate the inflation rate for 1998.

An economy produces only Mo goods, oranges and VCRs. The quantities and prices for the years 1998 and 1999 are shown in the table. The base year is 1998. 1998 1999 Price Quantity Price Quantity Oranges $2 5,000 $3 4,000 VCRS $400 1,000 $300 2,000

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