Homework Answers
| Goods |
2010 Quantity |
2010 Price in $ |
2015 Quantity |
2015 Price in $ |
|||||
| Automobiles | 70 | 44000 | 110 | 65000 | |||||
| Bread | 530000 | 10 | 430000 | 19 | |||||
| (A) Percentage change in Auto Price | |||||||||
| Percentage change in Auto Price = (Price of Auto in 2015 - Price of Auto in 2010) / Price of auto in 2010 x 100 | |||||||||
| Percentage change in Auto Price = (110 - 70) / 70 x 100 | |||||||||
| Percentage change in Auto Price = 57.14 | |||||||||
| there is an increase in price of Automobiles by 57.14% from 2010 to 2015 | |||||||||
| (B) Percentage change in Bread Price | |||||||||
| Percentage change in Auto Price = (Price of Bread in 2015 - Price of Bread in 2010) / Price of Bread in 2010 x 100 | |||||||||
| Percentage change in Auto Price = (430000 - 530000) / 530000 x 100 | |||||||||
| Percentage change in Auto Price = -18.87 | |||||||||
| there is decrease in price of bread by 18.87% from 2010 to 2015 | |||||||||
| (C) Percentage Change in GDP Deflator | |||||||||
| Goods |
2010 Quantity |
2010 Price in $ |
Expenditure =Price of 2010 x Quantity of 2010 |
||||||
| Automobiles | 70 | 44000 | 3080000 | ||||||
| Bread | 530000 | 10 | 5300000 | ||||||
| 8380000 | |||||||||
| Nominar and Real GDP of 2010 is 8680000, though 2010 is considered as base year | |||||||||
| So GDP Deflator of 2010 (Base Year) = Nominal GDP 2010 / Real GDP of 2010 x 100 = 100% | |||||||||
| Goods |
2015 Quantity |
2015 Price in $ |
Expenditure =Price of 2015 x Quantity of 2015 |
2010 Price in $ |
Expenditure =Price of 2010 x Quantity of 2015 |
||||
| Automobiles | 110 | 65000 | 7150000 | 44000 | 4840000 | ||||
| Bread | 430000 | 19 | 8170000 | 10 | 4300000 | ||||
| 15320000 | 9140000 | ||||||||
| Nominal GDP of 2015 = 15320000 and Real GDP of 2015 = 9140000 | |||||||||
| So GDP Deflator of 2015= Nominal GDP of 2015 / Real GDP of 2015 x 100 = 100% | |||||||||
| So GDP Deflator of 2015= 15320000 / 9140000 x 100 = 167.62% | |||||||||
| Percentage change in GDP Deflator = (GDP Deflator of 2015 - GDP Deflator of 2010) / GDP Deflator of 2010 x 100 | |||||||||
| Percentage change in GDP Deflator = (167.62 - 100) / 100 x 100 | |||||||||
| Percentage change in GDP Deflator = 67.62 % | |||||||||
| (D)) Percentage change in CPI | |||||||||
| Goods |
2010 Quantity |
2010 Price in $ |
Expenditure =Price of 2010 x Quantity of 2010 |
2015 Price in $ |
Expenditure =Price of 2015 x Quantity of 2010 |
||||
| Automobiles | 70 | 44000 | 3080000 | 65000 | 4550000 | ||||
| Bread | 530000 | 10 | 5300000 | 19 | 10070000 | ||||
| 8380000 | 14620000 | ||||||||
| CPI value for the year 2010 which is base year in this problem is = 100% | |||||||||
| CPI Value for 2015 = Base year quantity multiplied by Price of 2015 / Base year quantity multiplied by Price of 2010 x 100 | |||||||||
| CPI Value for 2015 = (14620000 / 8380000) x 100 | |||||||||
| CPI Value for 2015 = 174.46% | |||||||||
| Percentage change in CPI = (CPI of 2015 - CPI of 2010) / CPI of 2010 x 100 | |||||||||
| Percentage change in CPI = (174.46 - 100) / 100 x 100 | |||||||||
| Percentage change in CPI = 74.46 % | |||||||||
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