Ive in a simple economy what is additional information

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Q. Define inflation. Assume to you live in a simple economy in that only three goods are produced also traded: fish, fruit also meat. Assume to on January 1, 1998, fish sold for $2.50 per pound, meat was $3.00 per pound also fruit was $1.50 per pound. At the end of the year, you discover to the catch was low also to fish prices had risen to $5.00 per pound, but fruit prices stayed at $1.50 also meat prices had actually fallen to $2.00. Can you say Illustrate what happened to the overall ‘price level? ‘Elucidate how you might construct a measure of the ‘change in the price level? ‘Illustrate what additional information might you require constructing your measure?

Reference no: EM1319168

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