-The table above gives the purchases of a typical consumer in a country comprised of one large city.These consumers purchase only restaurant meals and parking.The year 2010 is the reference base period.
a.Find the total cost of the CPI market basket for 2010 and 2011.
b.What is the CPI in 2010 and in 2011?
c.What is the inflation rate between 2010 and 2011?
Definitions:
Quantitative Terms
Relates to, measuring, or measured by the quantity of something rather than its quality.
Opportunity Cost
The cost of missing out on the next best alternative when making a decision or choice.
Inflation
The rate at which the general level of prices for goods and services is rising, eroding purchasing power.
Benefit
An advantage or profit gained from something.
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