Table 1-3 Product Quantity Base Year Price (2001)

QUESTION

Table 1-3 Product Quantity Base Year Price (2001) Price (2012) Price (2013) 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 7. Refer to Table 1-3. 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 between 2012 and 2013, as measured by the consumer price index.

ANSWER:

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