Question: Consider the price increases for the 11 items in the following table over the last 11 years: Explain how the average inflation rates are calculated

Consider the price increases for the 11 items in

Consider the price increases for the 11 items in the following table over the last 11 years: Explain how the average inflation rates are calculated in the table. Category Postage Homeowners insurance (per year) Auto insurance (per year) Private college tuition and fees Gasoline (per gallon) Haircut Car (Toyota Camry) Natural gas (per million BTU) Baseball tickets (family of four) Movies (average ticket) Health care (per year) Consumer price index (CPI) Base period: 1982-84 = 100 2011 Price $0.44 $674.00 $872.00 $27.293.00 $3.64 $21.00 $22.590.00 SI1.99 $197.35 57.50 $3,365.08 223.47 2000 Price $0.33 $500.00 5687.00 $15.518.00 $1.56 $10.50 $21.000.00 $3.17 $131.88 $5.39 $1,656.00 171.20 Average Inflation Rule 2.65% 2.75% 2.19% 5.27% 8.01% 6.50% 0.67% 12.86% 3.73% 3.05% 6.66% 2.45%

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