- 1 The Table Below Applies To An Economy With Only Two Goods Hamburgers And Hot Dogs The Fixed Basket Consists Of 4 H 1 (58.41 KiB) Viewed 52 times
1. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 h
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1. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 h
1. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs. Year Price of hamburgers Price of hot dogs 2009 $5.00 $3.00 2010 5.50 3.30 2011 5.61 3.63 a. If the base year is 2011, then what is the consumer price index in 2010? b. If the base year is 2011, then what is the inflation rate in 2010? 2. Michael Jordan's rookie salary in 1984 was $550,000. The CPI in 1984 was 103.9, while the CPI in 2020 was 258.8. What is Michael Jordan's rookie salary in 2020 dollars? 3. If the nominal interest rate is 10.3% and the real interest rate is 12.6%, what is the inflation rate?