Use the following table to create a price index using 2013, Ask an Expert

Economics

Use the following table to create a price index, using 2013 as the base year:

Basket of Goods 2013 2014

30 Big Mac meals $7.35 $7.60

5 pairs of jeans $54.00 $59.00

18 movie tickets $7.00 $7.00

a. What is the value of the price index in 2013?

Instructions: Round your answer to 1 decimal place.

b. What is the value of the price index in 2014?

Instructions: Round your answer to 1 decimal place.

c. What is inflation from 2013 to 2014?

Instructions: Round your answer to 1 decimal place.

percent.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91388254

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