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1. The table below shows the price of the basket of goods at services for each of the following years: 2013 2014 2015 $85 per basket $97 per basket $102 per basket Using 2013 as the base year, calculate the consumer price index for each year

1. The table below shows the price of the basket of goods at services for each of the following years: 2013 2014 2015 $85 per basket $97 per basket $102 per basket Using 2013 as the base year, calculate the consumer price index for each year

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Economics

1. 2. The table below shows the price of the basket of goods and services for each of the following years: 2013 2014 2015 $85 per basket $97 per basket $102 per basket Using 2013 as the base year, calculate the consumer price index for each year Calculate the inflation rate from one year to the next.
Transcribed Image Text:1. 2. The table below shows the price of the basket of goods and services for each of the following years: 2013 2014 2015 $85 per basket $97 per basket $102 per basket Using 2013 as the base year, calculate the consumer price index for each year Calculate the inflation rate from one year to the next.
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