Business, 20.09.2020 14:01 hickslily9

Assume that apples cost $0.50 in 2005, $1 in 2006, and $1.5 in 2007, whereas oranges cost $1 in 2005, $0.50 in 2006, and $1 in 2007. Suppose that 10 apples and 5 oranges were produced in 2005, 5 apples and 10 oranges were produced in 2006, and 6 apples and 11 oranges were produced in 2007. Calculate the CPI for 2005, 2006 and 2007, using 2005 as the base year. Calculate inflation between 2005 and 2006 and between 2006 and 2007.

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Assume that apples cost $0.50 in 2005, $1 in 2006, and $1.5 in 2007, whereas oranges cost $1 in 2005...