The following table pertains to Cheeseland, an economy in which the typical consumer's basket consists of 11 bushels of peaches and 8 bushels of pecan Year Year 1 Year 2 Price of Peaches (Dollars per bushel) 14 9 Price of Pecan (Dollars per bushel) O-4.64 percent O2.14 percent. O814 percent. O 4.64 percent. 5 13 Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was
The following table pertains to Cheeseland, an economy in which the typical consumer's basket consists of 11 bushels of peaches and 8 bushels of pecan Year Year 1 Year 2 Price of Peaches (Dollars per bushel) 14 9 Price of Pecan (Dollars per bushel) O-4.64 percent O2.14 percent. O814 percent. O 4.64 percent. 5 13 Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was
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
Transcribed Image Text:The following table pertains to Cheeseland, an economy in which the typical consumer's basket consists of 11 bushels of peaches and 8
bushels of pecan
Year
Year 1
Year 2
Price of Peaches
(Dollars per bushel) (Dollars per bushel)
14
9
Price of Pecan
-4.64 percent
O2.14 percent.
O 814 percent.
O 4.64 percent
5
13
Refer to Table 24-1. If Year 1 is the base year, then the inflation rate in Year 2 was
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