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Consider the following table: Bottles of Tennis Balls Golf Balls Gatorade 2011 price 2011 quantity 2012 price 2012 quantity $2 $4 $1 100 100 200
Consider the following table: Bottles of Tennis Balls Golf Balls Gatorade 2011 price 2011 quantity 2012 price 2012 quantity $2 $4 $1 100 100 200 $2 $6 $2 200 100 100 a. What is the percentage change in the price of each of the three goods? b. Using the method of consumer price index, compute the percentage change in the overall price level. c. If you were to learn that a bottle of Gatorade increased in size from 2011 to 2012, should that information affect your calculation of the inflation rate? If so, how? d. If you were to learn that Gatorade introduced new flavors in 2012, should that information affect your calculation of the inflation rate? If so, how
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