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Residents of bora bora play golf incessantly

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Reference no: EM132140501

Suppose that the residents of Bora Bora play golf incessantly. In fact, golf is the only things that they spend their money on. The consumer basket consists of 1000 golf balls, 100 clubs and 500 tees. In 2016, they spent a total of $2000 to buy 1000 golf balls, $5000 to buy 100 clubs, and $50 to buy 500 tees. In 2017, they spent a total of $5000 to buy 2000 golf balls, $15000 to buy 200 clubs, and $120 to buy 1000 tees.

a) What was the CPI for each year? (You can choose the base year?)

b) What is the inflation rate in 2017?

Reference no: EM132140501

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