In 2019 and in​ 2020, consumers in Dexter purchased only books and pens.   The prices and quantities for 2019 and 2020 are listed in the table.   The reference base period for​ Dexter's CPI is​ 2019, and 2019 is also the year of the Consumer Expenditure Survey.   What is the inflation rate in​ 2020?   2019 2020 Item Price Quantity Price Quantity Books ​$2 3 ​$4 5 Pens ​$8 8 ​$9 6 The inflation rate in 2020 is​ _______ percent.     A. 5.0   B. 84.0   C. 120.0   D. 20.0

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 33P: The index number representing the price level changes from 110 to 115 in one year and then from 115...
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In 2019 and in​ 2020, consumers in Dexter purchased only books and pens.
 
The prices and quantities for 2019 and 2020 are listed in the table.
 
The reference base period for​ Dexter's CPI is​ 2019, and 2019 is also the year of the Consumer Expenditure Survey.
 
What is the inflation rate in​ 2020?
 
2019
2020
Item
Price
Quantity
Price
Quantity
Books
​$2
3
​$4
5
Pens
​$8
8
​$9
6
The inflation rate in 2020 is​ _______ percent.
 
 
A.
5.0
 
B.
84.0
 
C.
120.0
 
D.
20.0
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