Based on the Case in Point titled "Take Me Out to the Ball Game ...", suppose the average price of the baseball fan market basket was $121.36 in 1998, compared to $219.53 (for the same basket)
In 2016.Calculate the inflation rate experienced by a typical baseball fan over this period.

Question

Quizplus · Accepted Answer

The inflation rate is calculated using the formula: [(New Price - Old Price) / Old Price] * 100. So, the inflation rate for the baseball fan market basket from 1998 to 2016 is: [($219.53 - $121.36) / $121.36] * 100 = 80.89%.

Based on the Case in Point Titled "Take Me Out