Essay
-The tables above give the purchases of an average consumer in a small economy. (These consumers purchase only shampoo and pizza.) Suppose 2015 is the reference base period.
a) What is the cost of the CPI basket in 2015 and 2016?
b) What is the CPI in 2015 and in 2016?
c) What is the inflation rate between 2015 and 2016?
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a) For 2015 the CPI basket costs $171.25...View Answer
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