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The table below pertains to an economy in which the typical consumer's basket consists of 15 bushels of wheat and 10 bushels of corn. Year
The table below pertains to an economy in which the typical consumer's basket consists of 15 bushels of wheat and 10 bushels of corn. Year Price of Wheat Price of Corn 2012 $11 per bushel $6 per bushel 2013 $9 per bushel $10 per bushel Refer to Table. If 2013 is the base year, then the inflation rate in 2013 was a. 22.5%. b. 10%. c. 2.30%. d. 4.4%
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