Question: Consider the items given in Table ST 11.1 purchased by consumers in 2003 and investigate the price of each item for current year 20XX. Then,

Consider the items given in Table ST 11.1 purchased by consumers in 2003 and investigate the price of each item for current year 20XX. Then, determine the average inflation rate for each item. Compute the average general inflation rate over the same period, and discuss the items whose average inflation rates exceed the average general inflation rate.

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Based on 2009 data we may compute the average inflation rates as follows Consumer Purchases New CPI ... View full answer

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