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3 Nov 2021
Introduction
Inflation is measured as the rate at which prices rise over time. Inflation is generally defined as a wide measurement of price increases or increases in the cost of living in a country.
Table 22.4 shows the fruit prices that the typical college student purchased from 2001 to 2004.
To find the price index for a “fruit basket” in each year using 2003 as the base year.
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