1. Ch. 16 Problems and Applications Q3 Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Gatorade 2020 Price $2 $5 $2 Quantity 200 80 100 2021 Price $3 $5 $4 Quantity 200 80 100 Complete the following table by computing the percentage change in price for each of the three goods. Tennis Balls Golf Balls Bottles of Gatorade Percentage Change % % % Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is % True or False: If you were to learn that a bottle of Gatorade increased in size from 2020 to 2021, that information would lower your estimation of the inflation rate. 22,890

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