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(Solved): Need help with this Use the data in the table, for an economy where consumers purchase only peaches ...
Use the data in the table, for an economy where consumers purchase only peaches and pecans. If the market basket includes 15 bushels of peaches and 10 bushels of pecans, what is the inflation rate between 2012 and 2013 ? Round your answer to one digit after the decimal point.
Peaches became less expensive in 2013 while pecans became more expensive. Consumers might therefore have adjusted their purchases. If we use a market basket of 16 bushels of peaches and 8 bushels of pecans, what is the inflation rate between 2012 and \( 2013 ? \)
Expert Answer
Consumer price index(CPI) In a given year = cost of basket in give