Macro

Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). BASE YEAR (2010) 2017 2018 Product Quantity Price Price Price Haircuts 3 $10.00 $11.00 $16.20 Hamburgers 12 2.00 2.45 2.40 Movies 8 15.00 15.00 14.00 The inflation rate for 2018 as measured by the consumer price index (CPI) is %. (Enter your response rounded to two decimal places.)