-The tables above give the purchases of a typical consumer in a country comprised of one large city. These consumers purchase only restaurant meals and parking. The year 2015 is the reference base period.
a) Find the total cost of the CPI basket for 2015 and 2016.
b) What is the CPI in 2012 and in 2016?
c) What is the inflation rate between 2015 and 2016?
Definitions:
Capital Goods
Goods that are used in producing other goods and services, rather than being bought by consumers. This includes machinery, buildings, and equipment.
Consumer Goods
Items produced for personal use by households.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
Economic Growth
A rise in the output of goods and services in the economy, measured from one time period to another.
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