Table 13-12 -Refer to Table 13-12

question 133

Essay

Table 13-12
$\begin{array}{|c|c|c|c|c|}\hline &&\text { Base Year }\\\text { Product } & \text { Quantity } & \text { Price (2001) } & \text { Price (2012) } & \text { Price (2013) } \\\hline \text { Burritos } & 10 & \$ 1.00 & \$ 1.50 & \$ 1.75 \\\hline \text { Flashlights } & 15 & 5.00 & 7.00 & 6.75 \\\hline \text { Golf balls } & 8 & 2.00 & 3.00 & 3.50\\\hline\end{array}$
-Refer to Table 13-12.Consider a simple economy that produces only three products: burritos,flashlights,and golf balls.Use the information in the table to calculate the inflation rate for 2013,as measured by the consumer price index.

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Definitions:

Microsoft

A multinational technology company known for its software products, including the Windows operating system and the Office suite.

Linear Demand Curve

A straight-line graphical representation showing the inverse relationship between the price of an item and the quantity demanded.

Total Revenue

The total income generated by a company from its sales of goods or services before any costs are subtracted.

Deadweight Loss

Economic inefficiency that occurs when equilibrium is not attained or unattainable for a specific good or service.