Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflationLOADING... for 2022 as measured by the consumer price indexLOADING... (CPI). Part 2 BASE YEAR (2010) 2021 2022 Product Quantity Price Price Price Haircuts $10.00 $11.00 $16.20 Hamburgers 2.00 2.45 2.40 Movies 15.00 15.00 14.00 Part 3 Using the information in the table, the CPI for 2021, with 2010 as the base year, is enter your response here. (Enter your response rounded to one decimal place.) Part 4 The inflation rate for 2022 as measured by the consumer price index (CPI) is enter your response here%. (Enter your response rounded to two decimal places.)

Price indexes can be used to compare prices across different periods. Suppose that a year of tuition for college at public institutions averaged a cost of

$1,973

in 1989 and that the CPI index was

121

in 1989.If the CPI index was

218

in 2009, then the cost of tuition in 2009, as the result of inflation, would equal

$enter your response here.

(Enter your response rounded to the nearest whole number.)Part 2Suppose that the actual average cost of tuition in 2009 was

$6,260.

Relative to the expected cost computed above, the cost of tuition increased by

the same as

less than

more than

the amount of inflation.