Suppose the CPI of the US in 1990 was 120 and the CPI in 2003 was...
- Suppose the CPI of the US in 1990 was 120 and the CPI in 2003 was 200. For how much could a car that cost $20,000 in 2003 have been bought in 1990? Explain your answer thoroughly and include necessarily calculations or numbers.
Homework Answers
Here we need to find consumer price index, which measures change in prices over time in a market basket goods and services. So we need to multiply the consumer price index with the price of 2003
The formula used is,
1990 price = price of 2000*(CPI
1990/CPI 2003)
=$20000*(120/200)
=$12000
Add Answer to:
Suppose the CPI of the US in 1990 was 120 and the CPI in 2003
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Suppose that with a budget of $200, Deborah spends $120 on sushi and $80 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. But then, the price of bagels falls to $1 per bagel. Instructions: Enter your answers as whole numbers. a. How many pieces of sushi and how many bagels did Deborah consume before the price change? Pieces of sushi Bagels b. At the new prices, how much money would it have cost Deborah...
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10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
Need help with the answers marked red (they are incorrect).
Please don't say the cpi for year 1 is 100 (that is incorrect
according to this). Please show work.
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What would be the rate of inflation for consumers from 2019 to
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coffee the cheapest? Hint: use the deflating method to convert
prices to a common year.
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