Explain how might you construct a measure of the change

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Assume that you lin a simple economy in which oly tree goods are produced and traded fish , fruit and meat. Suppose that on Jan 1, 2007 fish sold for 2.50per pound, meat was 3.00 per pound, and fruit was 1.50 per pound. at te encc of te you discover that the catch was low and that fish prices had increased to 5.00 per pound but fruit price stayed at 1.50 and meat prices had actually fallen to 2.00 can you say what happened to the overall price level. Explain how might you construct a measure of the change in the price level.

Reference no: EM1354709

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