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Suppose there are only 3 goods in the consumer basket. Based on the following table, answer the following: Price and quantity for consumer basket Goods
Suppose there are only 3 goods in the consumer basket. Based on the following table, answer the following: Price and quantity for consumer basket Goods Quantity Price 2015 Price2016 Price2017 gas 500 gallons $3/gallon $3.25 $3.50 candy bar 365 packs $1/pack $0.90 $1.20 internet 12 months $50/month $50 $65 Calculate the cost of the market basket for all years. Consider 2015 as the Base Year and compute the Consumer Price Index (CPI) for each year. Use the CPI to calculate the inflation rate for 2017 NOTE: This is a file upload question. Solve your answer on an excel file or write down your solution in a piece of paper, take a picture and upload the file. Remember to show your work for all calculations. Do not provide only the final
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