Consider a simple economy that produces only three products: haircuts, hamburgers, and streaming movies. a. Use the
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Consider a simple economy that produces only three products: haircuts, hamburgers, and streaming movies.
a. Use the information in the table to calculate the CPI for 2019, with 2010 as the base year.
b. From part (a) calculate the inflation rate for 2020.
Transcribed Image Text:
Product Haircuts Hamburgers Movies Base Year (2010) Quantity Price 2 $10.00 2.00 20.00 10 6 2019 2020 Price Price $13.00 $16.20 2.45 2.40 13.00 12.00
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