What is the percentage change in the price of each of the three goods?

Question 3 Suppose that people consume only three goods as shown in following table. (7 Pts.) Show more Question 3 Suppose that people consume only three goods as shown in following table. (7 Pts.) Golf Balls Golf Clubs Gatorade 2013 Price $2 $200 $1 2013 Quantity 100 10 200 2014 Price $3 $250 $2 2014 Quantity 150 20 250 Note: Use fixed basket of goods: 100 balls 10 clubs 100 Gatorades. Base year is 2013. What is the percentage change in the price of each of the three goods? (1 Pt.) What is the percentage change in the overall price level (inflation rate)? (4 Pts.) Golf Ball: Golf Club: Gatorade: Find CPI and Overall Price Level Change: Do golf clubs become more or less expensive relative to Gatorade? (1 Pt.) Does the well-being of some people change relative to the well-being of others? Explain. (2 Pts.) Show less

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