- The following information relating to a basket of goods and services to the economy of a some country. 20152016CommodityPrice ($)Quantity consumedPrice ($)Bread4022035Meat457536Fish5664080Butter6974075Milk3195042 - Based on the previous information, (after calculating Cost of basket and CPI), the Inflation rate in 2016 equal: Select one:a. 24%b. 23%c. 22%d. 25%Clear my choice

Consumer Price Index is a measure used for estimating the price change in the basket of goods and…

Answered: The following information relating to a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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- The following information relating to a basket of goods and services to the economy of a some country.

	*2015*	*2016*
*Commodity*	*Price ($)*	*Quantity consumed*	*Price ($)*
Bread	40	220	35
Meat	45	75	36
Fish	56	640	80
Butter	69	740	75
Milk	31	950	42

- Based on the previous information, (after calculating Cost of basket and CPI), the Inflation rate in 2016 equal:

Select one:

a. 24%

b. 23%

c. 22%

d. 25%

Clear my choice

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