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Table 9-12 Product Quantity Base Year Price (2010) Price (2019) Price (2020) Burritos 10 $1.00 $1.50 $1.75 Flashlights 15 5.00 7.00 6.75 Golf balls 8

Table 9-12

Product

Quantity

Base Year Price (2010)

Price (2019)

Price (2020)

Burritos

10

$1.00

$1.50

$1.75

Flashlights

15

5.00

7.00

6.75

Golf balls

8

2.00

3.00

3.50

3)

Refer to Table 9-12. Consider a simple economy that produces only three products: burritos, flashlights, and golf balls. Use the information in the table to calculate the inflation rate for 2020, as measured by the consumer price index.

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