How to calculate the rate of inflation using CPI basket of goods. Example problem Freestone

Описание к видео How to calculate the rate of inflation using CPI basket of goods. Example problem Freestone

A community that produces only three final goods: pizza, notebooks, and tonic water. Information on nominal prices and total output for each good in the years 1980 and 2004 is given in the table below.

Assume that the base year is 1980 and the basket purchased by the representative consumer consists of one pizza and one bottle of tonic water. What is the CPI for 1980? What is the CPI for 2004? What is the inflation/deflation rate between 1980 and 2004?

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