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2010 2011 Market Commodity Basket Price price per per Quantity Unit unit 10 Milk $2.00 $2.50 gallons 10 Eggs $2.00 $3.00 dozen 10 Bread $2.00

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2010 2011 Market Commodity Basket Price price per per Quantity Unit unit 10 Milk $2.00 $2.50 gallons 10 Eggs $2.00 $3.00 dozen 10 Bread $2.00 $3.00 loaves Use the Table above to answer the following questions. (Where applicable, round your answers to two decimal places) a) If 2010 is the base year in the table shown above, the price index for the year 2010 is b) If 2010 is the base year in the table shown above, the price index for the year 2011 c) Considering the data in the table shown above and 2010 as the base year, the inflation rate in 2011 is %

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