Price_index

Year Current price Base yr price Price index 2006 1 1 100 Price index = (Current price/Base yr price)*100 2007 1.25 1 125 2008 1.34 1 134 2009 1.46 1 146 Consider the price index above. What are the values for A, B, and C? Was there inflation from 2006 to 2009? If the price changes above occurred for all goods across the economy during the four year period, explain how nominal GDP and real GDP would differ.

What is inflation, and how does it affect consumers? Is inflation always bad? Describe a situation where inflation is positive? 200 TO 300 WORDS

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