Table 20-13 -Refer to Table 20-13

Essay

Table 20-13
$$\begin{array} { | l | c | c | c | c | } \hline \text { Product } & \text { Quantity } & \begin{array} { l } \text { Base Year } \\\text { Price (2001) }\end{array} & \text { Price (2015) } & \text { Price (2016) } \\\hline \text { Tacos } & 5 & \$ 1.50 & \$ 2.00 & \$ 2.25 \\\hline \text { Earplugs } & 10 & 6.00 & 7.50 & 7.00 \\\hline \text { Toothbrushes } & 3 & 2.50 & 3.50 & 3.50 \\\hline\end{array}$$
-Refer to Table 20-13.Consider a simple economy that produces only three products: tacos,earplugs,and toothbrushes.Use the information in the table to calculate the inflation rate for 2016,as measured by the consumer price index.