22. Calculate the annual rate of inflation between 2014 and 2015 (using 2012 as market basket and base year)?a) 14.7%b) 15%c) 11.5%d) 1.15e) 120 YEARPRODUCT2012201320142015price: $2.00$3.00$4.00$5.00Product Xquantity: 1,0001,0001,0001,000price: $1.00$1.00$1.00$1.00Product Yquantity: 1,0001,2501,5001,750price: $4.00$4.50$5.00$5.50Product Zquantity:1,0001,0001,0001,000

Inflation is the rise in the aggregate rice level. The real GDP is the GDP measured at constant…

Answered: Calculate the annual rate of inflation…

Calculate the annual rate of inflation between 2014 and 2015 (using 2012 as market basket and base year)? a) 14.7% b) 15% c) 11.5% d) 1.15 e) 120

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

22. Calculate the annual rate of inflation between 2014 and 2015 (using 2012 as market basket and base year)? a) 14.7% b) 15% c) 11.5% d) 1.15 e) 120

YEAR
PRODUCT
2012
2013
2014
2015
price: $2.00
$3.00
$4.00
$5.00
Product X
quantity: 1,000
1,000
1,000
1,000
price: $1.00
$1.00
$1.00
$1.00
Product Y
quantity: 1,000
1,250
1,500
1,750
price: $4.00
$4.50
$5.00
$5.50
Product Z
quantity:
1,000
1,000
1,000
1,000

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