Consider a simple economy that produces only three products: hot dogs,torches,and golf balls.Use the information in the following table to calculate the inflation rate for 2017,as measured by the consumer price index.
$$\begin{array} { | c | c | c | c | c | }
\hline \text { Product } & \text { Quantity } & \begin{array} { c }
\text { Base Year } \
\text { Price (2009) }
\end{array} & \text { Price (2017) } & \text { Price (2018) } \
\hline \text { Hot dogs } & 10 & \$ 1.00 & \$ 1.50 & \$ 1.75 \
\hline \text { Torches } & 15 & \$ 5.00 & \$ 7.00 & \$ 6.75 \
\hline \text { Golf balls } & 8 & \$ 2.00 & \$ 3.00 & \$ 3.50 \
\hline
\end{array}$$ _____________________________________________________________________________________________
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Question

Consider a simple economy that produces only three products: hot dogs,torches,and golf balls.Use the information in the following table to calculate the inflation rate for 2017,as measured by the consumer price index.
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Product } & \text { Quantity } & \begin{array} { c } 
\text { Base Year } \
\text { Price (2009) }
\end{array} & \text { Price (2017) } & \text { Price (2018) } \
\hline \text { Hot dogs } & 10 & \$ 1.00 & \$ 1.50 & \$ 1.75 \
\hline \text { Torches } & 15 & \$ 5.00 & \$ 7.00 & \$ 6.75 \
\hline \text { Golf balls } & 8 & \$ 2.00 & \$ 3.00 & \$ 3.50 \
\hline
\end{array}$$ _____________________________________________________________________________________________
_____________________________________________________________________________________________

Quizplus · Accepted Answer

The Answer of Consider a simple economy that produces only three products: hot dogs,torches,and golf balls.Use the information in the following table to calculate the inflation rate for 2017,as measured by the consumer price index.
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Product } & \text { Quantity } & \begin{array} { c } 
\text { Base Year } \
\text { Price (2009) }
\end{array} & \text { Price (2017) } & \text { Price (2018) } \
\hline \text { Hot dogs } & 10 & \$ 1.00 & \$ 1.50 & \$ 1.75 \
\hline \text { Torches } & 15 & \$ 5.00 & \$ 7.00 & \$ 6.75 \
\hline \text { Golf balls } & 8 & \$ 2.00 & \$ 3.00 & \$ 3.50 \
\hline
\end{array}$$ _____________________________________________________________________________________________
_____________________________________________________________________________________________

Consider a Simple Economy That Produces Only Three Products: Hot