Macroeconomics
Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 14.3, Problem 1ST
To determine

Inflation.

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Over a long period of time, the price of a kebab rose from £5.00 to £7.50. Over the same period, the consumer price index rose from 150 to 300. Adjusted for overall inflation, how much did the price of the kebab change? Show your calculations step by step with explanations.
Over a long period of time, the price of a candy bar rose from $0.20 to $1.20. Over the same period, the consumer price index rose from 150 to 300. Adjusted for overall inflation, how much did the price of the candy bar change?
Inflation represents the rate of increase of the average price of goods. If inflation decreases from 10% to 5%, does the average price of goods decrease? Explain.
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