ECN-220 Module 5 Chapter 7 Problems: Inflation Solutions
Introduction to Economics – The National Economy
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Item Quantity Unit Price
Coffee 20 pounds $ 5
Tuition 1 year 4,000
Pizza 150 pizzas 10
DVD rental 75 days 2
Vacation 1 week 250
6. Suppose the prices listed in the table for Problem 5 changed from one year to the next, as shown here. Use the rest of the table to compute the average inflation rate.
Unit Price
Item Last Year This Year
Coffee $ 5 $ 6
Tuition 4,000 5,000
Pizza 10 12
DVD rental 2 1
Vacation 250 300
7. Use the item weights in Figure 7.2 to determine the percentage change in the CPI that would result from a
(a) 10 percent increase in entertainment prices.
(b) 6 percent decrease in transportation costs.
(c) Doubling of clothing prices.
(Note: Review Table 7.4 for assistance.)
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