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
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
|
|
Quantity
|
Price
|
Quantity
|
Books
|
$2
|
3
|
$4
|
5
|
Pens
|
$8
|
8
|
$9
|
6
|
The inflation rate in 2020 is _______ percent.
5.0
84.0
120.0
20.0
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