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Price of rice was $6. what was the inflation rate

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Let's consider the effects of inflation in an economy composed of only two people: Bob, a bean farmer, and Rita, a rice farmer. Bob and Rita always consume equal amounts of rice and beans.

In 2010, the price of beans was $1, and the price of rice was $3. If inflation is negative, enter your answer as a negative number.

1. Suppose that in 2011 the price of beans was $2 and the price of rice was $6. What was the inflation rate?

Reference no: EM13319695

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