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Calculate the inflation rate

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Reference no: EM131281459

Product Quantity Base Year Price (2001) Price (2012) Price (2013) Burritos 10 $1.00 $1.50 $1.75 Flashlights 15 5.00 7.00 6.75 Golf balls 8 2.00 3.00 3.50.

Consider a simple economy that produces only three products: burritos, flashlights, and golf balls. Use the information in the table to calculate the inflation rate for 2013.

Reference no: EM131281459

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