Find the following : On - "pus) Suppose that we have a CPI basket that includes:...
econ 202 Question 2 (4pts): Suppose that we have a CPI basket that includes: pictures of video games, mountain dew (a soda), and pizza. CPI Basket 1980 Video games Mountain Dew Pizza Quantity 1 10 5 Prices 40.00 1.00 10.00 CPI Basket 2019 Quantity Video games 5 Mountain Dew 10 Pizza 8 Prices 60.00 2.50 25.00 Izza The value of the CPI basket in 1980 is The value of the CPI basket in 2019 is The CPI in 2019 using...
2. Suppose that a hypothetical “consumer market basket” consists only of goods B and C, in the quantities: B = 10 and C = 5. Use 2018 as a base year (i.e., 2018 = 100). Year 2017 Year 2018 Year 2019 Quantity of Good A 3 4 5 Price of Good A $9 $10 $11 Quantity of Good B 10 10 10 Price of Good B $2 $4 $6 Quantity of Good C 2 4 6 Price of Good C $5 $6 $7 a. What is the total money value spent on the consumer market basket in 2018 and 2019? b. Calculate the CPI...
Calculate a price index for 2018, 2019, 2020 using the following information about prices. Let the market basket consist of the price of one pizza pie, two sodas, and four caffe lattes. Let the year 2018 be the base year (with an index value of 100). Year Price of a pizza Price of a Soda Price of a Caffe Latte 2018 $5.00 2019 $5.50 2020 $6.00 $0.50 $0.55 $0.65 $1.50 $2.50 $3.00 A. Calculate the price index for each year...
3. The Consumer Price Index (CPI) represents the average price of goods that households consume. Many thousands of goods are included in such an index. Here consumers are repre- sented as buying only food (pizza) and gas as their basket of goods. Below is a representation of the kind of data the Bureau of Economic Analysis (BEA) collects to construct a consumer price index. In the base year, 2008, both the prices of goods purchased and the quantity of goods...
Use the following table to answer questions 7 through 12 The table shows the peices and the quantities consumed in Carnivore Country Suppose the base year is 2008 Also, suppose that 2008 is the year the typical consumption busket as determined, so the quantities consuomedin 2008 are the only quaretities needed to celculate the CP! in eck year Year Price of Beel Quseity of Beet Price of Pork Quantity of Park 2008 2009 2010 2.00 2.50 2.75 100 90 105...
1. During a given year, the following activities occur in a simple economy consisting of a miller and a baker The miller pays his workers $ 250,000 to mill 120 tons of flour. The flour is then sold to a baker for $ 530,000. The baker pays his workers 340,000 to make 750,000 loaves of bread, which she then sells directly to consumers for $ 1,000,000. a. Using the "final goods" approach, what is the GDP in this economy? b....
ΤΕΧΝΙΤΗΤΗ iple Choice y the choice that best completes the statement or answers the question. The production possibilities frontier is a graph that shows the various combinations of output that an economy a. should produce. b. wants to produce. c. can produce d. demands 2 The price index was 320 in one year and 360 in the next year. What was the inflation rate? a. 9 percent ((B-A)/A)*100 b. 11.1 percent c. 12.5 percent ((360 - 320)/320)*100 d. 40 percent...