5. Please calculate the CPI and the inflation rate using the information in Figure 1.2 (below). Year Units of Food 2007 2008 2009 2010 2011 650 Price of Food 14 21 19 26 20 Assume the base year is 2008 Units Price of Fuel of Fuel 780 11 9 14 18 13 Price in the base year Price in the current year CPI Inflation Rate (%) 11
5. Please calculate the CPI and the inflation rate using the information in Figure 1.2 (below). Year Units of Food 2007 2008 2009 2010 2011 650 Price of Food 14 21 19 26 20 Assume the base year is 2008 Units Price of Fuel of Fuel 780 11 9 14 18 13 Price in the base year Price in the current year CPI Inflation Rate (%) 11
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![5. Please calculate the CPI and the inflation rate using the information in Figure 1.2 (below).
Year Units
of Food
2007
2008 650
2009
2010
2011
Price
of
Food
14
21
19
26
20
Assume the base year is 2008
Units Price
of Fuel of Fuel
780
11
9
14
18
13
Figure 1.2
Price in
the base
year
Price in
the
current
year
CPI Inflation
Rate
(%)
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faaddc3fc-ec97-4ca6-aaae-bb996b719b45%2F7aa67904-5bfa-427e-badc-f5046911d320%2F3gr1ewo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. Please calculate the CPI and the inflation rate using the information in Figure 1.2 (below).
Year Units
of Food
2007
2008 650
2009
2010
2011
Price
of
Food
14
21
19
26
20
Assume the base year is 2008
Units Price
of Fuel of Fuel
780
11
9
14
18
13
Figure 1.2
Price in
the base
year
Price in
the
current
year
CPI Inflation
Rate
(%)
11
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