Goods and services

Choose three different goods (or services) that are important to you. Using the steps given on pages 496-8 in eighth edition (or 506-8 in seventh edition), construct the price index for the years 2018 and 2019, and using the indexes for these two years, compute the inflation rate between the year 2018 and the year 2019. The year 2015 should be used as a base year when computing the price indexes for the years 2018 and 2019.

For the price of the goods (or services), you may use your own records such as your old receipts, or published data. Either way, you need to clarify in your posting about the source of the data and how you obtain it.

Depending on the nature of the price data, the price may be an average price for the whole or a part of year, or a price at a particular point of time. Both types of price data are acceptable.

As for quantities, at least one of the three goods or services should have a quantity other than one. If all three goods or services have quantity of one, then you will not receive any extra point.

Sample Solution

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