Essay
-The tables above give the purchases of an average consumer in a small economy. (These consumers purchase on shampoo and pizza.) Suppose 2006 is the reference base period.
a) What is the cost of the CPI basket in 2006 and 2007?
b) What is the CPI in 2006 and in 2007?
c) What is the inflation rate between 2006 and 2007?
Correct Answer:
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a) For 2006 the CPI basket costs $171.25...View Answer
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Correct Answer:
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