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Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI) BASE YEAR (2010) 2020 2019 Product Quantity Price Price Price Haircuts 5 $10.00 $11.00 $16.20 Hamburgers Movies 10 2.00 2.45 240 6 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is The inflation rate for 2020 as measured by the consumer price index (CPI) is (Enter your response rounded to one decimal place) (Enter your response rounded to two decimal places)
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