ECON 1100 Chapter Notes - Chapter 11: Producer Price Index, Gdp Deflator, Price Level
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11 Jan 2017
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Table 24-7. The table below applies to an economy with only two goods â hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs.
Year | Price of hamburgers | Price of hot dogs |
2009 | $5 | $3 |
2010 | 5.50 | 3.30 |
2011 | 5.61 | 3.63 |
Refer to Table 24-7. Between 2009 and 2011, the cost of living increased by
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The CPI is more commonly used as a gauge of inflation than the GDP deflator is because
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