Suppose that the residents of Vegopia spend all of their income on cauliflower, In 2014 they buy 100 head of cauliflower for 200$, 50 bunches of broccoli for 75$ and 500 carrots for 50$. In 2015 they buy 75 heads of cauliflower for 225$, 80 bunches of broccoli for 120$ and 500 carrots for 100$. If the base year is 2014, what is the CPI in both years? What is the inflation rate in 2015?

Suppose that the residents of Vegopia spend all of their income on cauliflower, In 2014 they buy 100 head of cauliflower for 200$, 50 bunches of broccoli for 75$ and 500 carrots for 50$. In 2015 they buy 75 heads of cauliflower for 225$, 80 bunches of broccoli for 120$ and 500 carrots for 100$. If the base year is 2014, what is the CPI in both years? What is the inflation rate in 2015?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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