11 Consider the simple economy that produces only three products. Use the information in the following table to calculate the(annual rate of) inflation for 2020 as measured by the consumer price index (CPI).BASE YEAR (2010)20192020ProductQuantityPricePricePriceHaircuts2$10.00$11.00$16.20Hamburgers112.002.452.40Movies515.0015.0014.00Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to onedecimal place)

The Consumer Price Index (CPI) is a measure of an economy's overall price level. The CPI is made up…

Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2020 as measured by the consumer price index (CPI) BASE YEAR (2010) 2019 2020 Quantity Price Price Price Product Haircuts 2 $10.00 $11.00 $16.20 Hamburgers 11 2.00 2.45 2.40 Movies 5 15.00 15.00 14.00 Using the information in the table, the CPI for 2019, with 2010 as the base year, is (Enter your response rounded to one