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Table 9-13 Product Quantity Base Year Price (2010) Price (2019) Price (2020) Tacos 5 $1.50 $2.00 $2.25 Earplugs 10 6.00 7.50 7.00 Toothbrushes 3 2.50

Table 9-13

Product

Quantity

Base Year Price (2010)

Price (2019)

Price (2020)

Tacos

5

$1.50

$2.00

$2.25

Earplugs

10

6.00

7.50

7.00

Toothbrushes

3

2.50

3.50

3.50

1)

Refer to Table 9-13. Consider a simple economy that produces only three products: tacos, earplugs, and toothbrushes. Use the information in the table to calculate the inflation rate for 2020, as measured by the consumer price index.

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