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Business, 10.09.2020 01:01 chantelljenkins2

Suppose that consumers purchase fish and computer chips. In 2010, one pound of fish costs $1, a computer chip costs $1, and the typical consumer buys 10 pounds of fish and 10 computer chips. In 2011, one pound of fish costs $2, a computer chip costs $0.50, and the typical consumer buys 5 pounds of fish and 20 computer chips. In 2012, one pound of fish costs $2.10, a computer chip costs $0.90, and the typical consumer buys 12 pounds of fish and 20 computer chips. Using 2011 as the base year, the inflation rate between 2012 and 2011 is percent.

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