Table 20-12 -Refer to Table 20-12

Essay

Table 20-12
$$\begin{array} { | l | c | c | c | c | } \hline \text { Product } & \text { Quantity } & \begin{array} { c } \text { Base Year } \\\text { Price (2001) }\end{array} & \text { Price (2015) } & \text { Price (2016) } \\\hline \text { Burritos } & 10 & \$ 1.00 & \$ 1.50 & \$ 1.75 \\\hline \text { Flashlights } & 15 & 5.00 & 7.00 & 6.75 \\\hline \text { Golf balls } & 8 & 2.00 & 3.00 & 3.50 \\\hline\end{array}$$
-Refer to Table 20-12.Consider a simple economy that produces only three products: burritos,flashlights,and golf balls.Use the information in the table to calculate the inflation rate for 2016,as measured by the consumer price index.