How to construct measure of the change in the price level


On january 1 2007, fish sold for $2.50/pound, meat $3.00/pound, fruit $1.50/pound. at the end of the year, the catch was low and fish prices had increased to $5.00/pound, fruit stayed at $1.50/pound, and meat fallen to $2.00/pound.

what happened to the overall "price level" ?

how might you construct a measure of the "change in the price level" ?

what additional information might you need to construct your measure ?

Request for Solution File

Ask an Expert for Answer!!
Microeconomics: How to construct measure of the change in the price level
Reference No:- TGS073430

Expected delivery within 24 Hours