Price of Basketballs Quantity of Basketballs Price of Footballs Quantity of Footballs Year Year 1 10 120 12 200 Year 2 12 200 15 300 180 Year 3 14 18 275
Price of Basketballs Quantity of Basketballs Price of Footballs Quantity of Footballs Year Year 1 10 120 12 200 Year 2 12 200 15 300 180 Year 3 14 18 275
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 12SQP
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1. Calculate the inflation rate.
2. Re-do parts b)-d), but use year 2 as the base year. How do your answers differ?
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