Consider the following price indexes: 90 in 2011, 100 in 2012, 110 in 2013, 121 in 2014,

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Consider the following price indexes: 90 in 2011, 100 in 2012, 110 in 2013, 121 in 2014, and 150 in 2015. Answer the following questions.

a. Which year is likely the base year?

b. What is the inflation rate from 2013 to 2014?

c. If the cost of a market basket in 2012 is $2,000, what is the cost of the same basket of goods and services in 2011 In 2015?

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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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Question Posted: Aug 01, 2016 12:37 PM

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Consider the following price indexes: 90 in 2011, 100 in 2012, 110 in 2013, 121 in 2014,

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