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by: Daniel Ochs

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# Economics Chapter 24 Notes ECON 2

Daniel Ochs
UCLA

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Economics Chapter 24 Notes
COURSE
Principles of Economics
PROF.
Rojas
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
Economics
KARMA
Free

## Popular in Macro Economics

This 1 page Class Notes was uploaded by Daniel Ochs on Monday September 26, 2016. The Class Notes belongs to ECON 2 at University of California - Los Angeles taught by Rojas in Fall 2016. Since its upload, it has received 6 views. For similar materials see Principles of Economics in Macro Economics at University of California - Los Angeles.

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Date Created: 09/26/16
Tuesday, September 27, 2016 Tuesday, September 27, 2016 Chapter 24 Measuring the Cost of Living - Consumer Price Index (CPI): measures typical consumer’s cost of living • CPI Calculation - Fix the “basket”: survey of typical consumer’s purchases - Find the prices: collects data on prices of all normally bought goods - Compute the “basket’s” cost: total price - Compute CPI: 100% x (Cost in current year / Cost in base year) - Compute inﬂation rate: 100% x [(CPI this year - CPI last year) / CPI last year] - CPI overstates increases in the cost of living • Correcting Variables for Inﬂation - Amount in today’s \$ = Amount in T \$ x (Price level today / Price level in year T) - A dollar amount is indexed for inﬂation if it is automatically corrected for inﬂation by law or in a contract - Nominal Interest rate: not corrected - Real interest rate: corrected for inﬂation 1

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