economy that produces three products: burritos, flashlights,
1. Consider an economy that produces three products: burritos, flashlights,
and golf balls. Use the information in the table to calculate the inflation rate for 2013, as meas-
ured by the consumer price index. Consider 2001 as the base year for your CPI calculations.
Show your work You will not receive full points if you only have the final answer.
Table 1.

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Answer: – – (6 points)
Total expenditures in 2001
Total expenditures in 2012
Total expenditures in 2013
CPI for 2012
CPI for 2013
Inflation rate from 2012 to 2013