price index and measurement

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A price index is used to measure changes in prices:

  1. increasing prices called inflation
  2. rapidly increasing prices called hyperinflation
  3. decreasing prices called deflation
  4. a slowing down in the rate of inflation called disinflation
  5. stability

Often, the price of gasoline is used because of the readily availability of data and even people who ride the bus can see the big numbers at the petrol (shout out to the Brits) station. See spreadsheet – needs updating.

The price of coffee has been suggested as an index or at least I saw something on social media about it. Find a reference source.

In comparing prices across countries, the Big Mac Price Index has been seen as useful. Again, find a reference source.

In our class, a recipe for gazpacho is the basis for an index. Attach the homework here.

The Consumer Price Index, (CPI), is published by the Bureau of Labor Statistics on a monthly basis and tends to be the “go to” statistic on prices.

The GDP Deflator (note the inflation bias built into the name) uses chain weights and include items that the average consumer does not buy.

To measure inflation, the items and the quantities stay the same over time periods, hence the reason that I thought the book about gazpacho would be educational and entertaining.

You may satisfy this assignment by completing one of the following:

  • Gazpacho
  • Gasoline
  • Big Mac
  • Coffee
  • by making a creative suggestion

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