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 ?