Year Peaches Fish 2016 $1.00 $2.00 2017 $2.00 $1.50 2018 $2.00 $2.00 2019 $3.00 $3.00 Shorts Milk $10.00 $1.00 $8.00 $1.50 $11.00 $14.00 $2.00 $3.00 In the country of Shem, the CPI is calculated using a market basket consisting of 5 peaches, 4kg of fish, 3 shorts, and 2 litres of milk. The per-unit prices of these goods are listed in the Table above. 11.25 percent 36.6 percent None of the values listed i -7.14 percent -5.55 percent Refer to the above Table. What was the inflation rate, as measured by the CPI, between 2016 and 2017?

Year Peaches Fish 2016 $1.00 $2.00 2017 $2.00 $1.50 2018 $2.00 $2.00 2019 $3.00 $3.00 Shorts Milk $10.00 $1.00 $8.00 $1.50 $11.00 $14.00 $2.00 $3.00 In the country of Shem, the CPI is calculated using a market basket consisting of 5 peaches, 4kg of fish, 3 shorts, and 2 litres of milk. The per-unit prices of these goods are listed in the Table above. 11.25 percent 36.6 percent None of the values listed i -7.14 percent -5.55 percent Refer to the above Table. What was the inflation rate, as measured by the CPI, between 2016 and 2017?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Measuring The Cost Of Living

Section: Chapter Questions

Problem 4QR

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