Question

question 34 (2 points) listen if price level increased from 203 to 227, then what was the percentage of inflation rate? (hint: enter your answer in 2 decimal places. do not enter the percentage sign. for example 56.67% should be entered as 56.67) your answer: answer

Explanation:

Step1: Find the difference in price levels

The initial price level is \( 203 \) and the new price level is \( 227 \). The difference is \( 227 - 203 = 24 \).

Step2: Calculate the percentage increase

The formula for percentage increase is \( \frac{\text{Change}}{\text{Original}} \times 100 \). Substituting the values, we get \( \frac{24}{203} \times 100 \approx 11.33 \).

Answer:

11.33