30 Apr Question: 2010 Prices 2011 Prices 2012 Prices Milk $2 $3 $4 Cookies $2 $3 $2 CPI A. …
| 2010 Prices | 2011 Prices | 2012 Prices | |
| Milk | $2 | $3 | $4 |
| Cookies | $2 | $3 | $2 |
| CPI |
A. For a fixed basket of 5 glasses of milk and 10 cookies, and using the prices in the table, calculate the CPI in each year for this economy. 2010 is your base year.
B. If the CPI in 2013 was 192 and the CPI in 2014 was 200, what would the inflation rate be? What would the inflation rate mean?
C. If you earned $10/hour in 2010 (base year) and the CPI in 2015 was 195, what would your 2010 $10/hour wage be worth in 2015 terms?
D. If the inflation rate in 2015 was -2%, what would be occurring? What would that mean?
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