tity Price Price Price Price Time med T1 T2 | T3 T4 T1 T2 $3.50 $4.00 $5.20 $5.00 en) T3 T4 $4.50 $5.00 $6.00 $5.40 res) $6.00 $6.50 $7.40 $6.40 ks) $3.50 $3.40 $4.00 $3.90 ons) nits) | $11 | $10 $8.50 $8.50 centage inflation rate facing Ann for this basket of goods in each of the following time periods? Ple earest whole percentage. T2 to T3:

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The first table below shows the basket of the goods Ann consumes over four time periods, T1 to T4. The second table shows
Ann's income over the same periods. Assume that Ann consumes the same amount of each good in all time periods. Use the
tables to answer the following questions.
Quantity Price Price Price Price
Consumed T1
Time
Income
Goods
T2
T3
T4
T1
$5,000
300
T2
$5,200
Eggs
$3.50 $4.00 $5.20 $5.00
(Dozen)
T3
$5,870
60
Bread
$4.50 $5.00 $6.00 $5.40
T4
$5,810
(Loaves)
40
Cheese
$6.00 $6.50 $7.40 $6.40|
(Blocks)
500
Gas
$3.50 $3.40 $4.00 $3.90
(Gallons)
|DVD's 70 (Units) $11 | $10 $8.50 $8.50
a. What was the percentage inflation rate facing Ann for this basket of goods in each of the following time periods? Please give
your answer to the nearest whole percentage.
T1 to T2:
%
T2 to T3:
Transcribed Image Text:The first table below shows the basket of the goods Ann consumes over four time periods, T1 to T4. The second table shows Ann's income over the same periods. Assume that Ann consumes the same amount of each good in all time periods. Use the tables to answer the following questions. Quantity Price Price Price Price Consumed T1 Time Income Goods T2 T3 T4 T1 $5,000 300 T2 $5,200 Eggs $3.50 $4.00 $5.20 $5.00 (Dozen) T3 $5,870 60 Bread $4.50 $5.00 $6.00 $5.40 T4 $5,810 (Loaves) 40 Cheese $6.00 $6.50 $7.40 $6.40| (Blocks) 500 Gas $3.50 $3.40 $4.00 $3.90 (Gallons) |DVD's 70 (Units) $11 | $10 $8.50 $8.50 a. What was the percentage inflation rate facing Ann for this basket of goods in each of the following time periods? Please give your answer to the nearest whole percentage. T1 to T2: % T2 to T3:
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