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Worksheet 15.2: Inflation & Price Indices After watching Episode 16: Inflation & Price Indexes found at http:/youtu.be/SmoMp8gycMA, answer the following questions. 1. Describe how a

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Worksheet 15.2: Inflation & Price Indices After watching "Episode 16: Inflation & Price Indexes" found at http:/youtu.be/SmoMp8gycMA, answer the following questions. 1. Describe how a price index is constructed. 2. What formula would you use to determine a price index? 3. What is the CPI of the base year? 4. How do we use the base year to explain the price index in other years? 5. How do we measure changes in the price level? Percentage change in Price (% change in P) =

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