Question: Calculating a Simple Price Index. The table below lists the price of a basket of goods for 2016 and 2017. Good Popcorn Coke Movie

Calculating a Simple Price Index. The table below lists the price of a basket of goods for 2016 and 2017. Calculate the price of this basket in the base year, 2016 and the subsequent year 2017. What is the inflation

Calculating a Simple Price Index. The table below lists the price of a basket of goods for 2016 and 2017. Good Popcorn Coke Movie ticket Basket Price Index Quantity 1 2 2 Unit price $6 $5 $12 2016 Total Cost $6 $10 $24 Unit price $8 $5 $13 2017 Total Cost $8 $10 $26 Calculate the price of this basket in the base year, 2016 and the subsequent year 2017. What is the inflation rate?

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