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The average, urban family of four in the peculiar country of Rushland consumes only three goods: slices of pizza, beef tacos, and banana muffins. The table below provides the quantities of these goods that the average, urban family of four consumed and the price of each good in 2016, 2017, and 2018.
Suppose that 2016 is the base year, and that the CPI basket is comprised of the quantities of these goods that the average, urban family of four consumed in 2016.
Calculate the: 1) CPI in each of the three years, and 2) the inflation rate in 2017 and 2018. Additionally, identify whether the price level has fallen or risen in 2017 and 2018, and explain whether inflation or deflation has occurred in 2017 and 2018. Your submission should explain the process of completing your calculations, but you do not need to provide the actual formulas or calculations themselves. Round all answers to the nearest one-hundredth (one-hundredth of one-percent, for answers that are percentages).
