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The following table reports prices and usage quantities for two items in 2009 and 2011. (Round...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) 2009 2011 Item A B 1,500 1,800 2009 2011 8.50 7.55 630.00 1,500.00 2 (a) Compute price relatives for each item in 2011 using 2009 as the base period. Item Price Relative А B (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period. 12011...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 2009 2011 A 1,500 1,600 8.50 6.75 B 4 2 630.00 1,500.00 (a)Compute price relatives for each item in 2011 using 2009 as the base period. Item Price Relative A B (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period. I2011...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 20092011 A 1,500 1,600 8.50...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 20092011 A 1,500 1,600 8.507.25 4 2 650.00 1,500.00 (a) Compute price relatives for each item in 2011 using 2009 as the base period Item Price Relative (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period 2011 (c) Compute a weighted...
I just need help with (c). I posted it earlier and got 188 as the response...
I just need help with (c). I posted it earlier and got 188 as the response and my assignment is showing this as incorrect. Please help if you can. The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 2009 2011 A 1,500 1,600 8.50 6.75 B 4 2 630.00 1,500.00 (a) Compute price relatives for each item in 2011 using...
The following table shows the prices and quantities consumed by a family of four for selected foo...
The following table shows the prices and quantities consumed by a family of four for selected food commodities for 2000 and 2016. Use year 2000 as the base period 2000 2016 Commodity Price Quantity Price Quantity Ground beef (lb) $1.39 80 Milk (gallon) 1.69 100 2.75 120 Cookies (dozen) 1.29 95 Steak (pound) 4.99 50 $2.09 110 2.59 100 9.49 40 a) determine the simple index for steak for 2016 b) compute the simple average of the price relatives, use...
A certain beverage company provides a complete line of beer, wine, and soft drink products for...
A certain beverage company provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow. Use 2011 as the base period. Unit Price ($) Item 2011 Quantity (cases) 2011 2014 Beer 30,000 19.50 20.15 Wine 5,000 100.00 120.00 Soft drink 70,000 8.00 8.80 Compute the price relatives for this company's products. (Round your answers to two decimal...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But what happens when relative prices change? As you know,...
A certain manufacturing company has the following data on quantities shipped and unit costs for each...
A certain manufacturing company has the following data on quantities shipped and unit costs for each of its four products. Mean Shipping Cost per Unit ($) Products Base-Period Quantities (Year 1) Year 1 Year 5 A 1,500 10.50 15.90 B 5,000 16.25 31.00 с 7,000 12.20 18.40 D 2,500 20.00 35.50 Use the price data to compute a Paasche index for the shipping cost if year 5 quantities are 3,500, 3,000, 7,500, and 3,000 for products A, B, C, and...
Recall the method of calculating real GDP detailed in the chapter. As you may already have...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
Consider an economy that produces and consumes coffee, bread and auto- mobiles. In the following table,...
Consider an economy that produces and consumes coffee, bread and auto- mobiles. In the following table, we have data for two different years. The first 2 questions refer to this table. Price of 1 Automobile Price of 1 loaf of Bread Price of 1 cup of Coffee Number of Automobiles Produced Number of Loaves of Bread Produced Number of Cups of Coffee Produced Year 2018 $30,000 $1.50 $2.00 1000 400,000 100,000 Year 2019 $31,000 $1.60 $2.20 1100 400,000 105,000 1....
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) 2009 2011 Item A B 1,500 1,800 2009 2011 8.50 7.55 630.00 1,500.00 2 (a) Compute price relatives for each item in 2011 using 2009 as the base period. Item Price Relative А B (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period. 12011...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 20092011 A 1,500 1,600 8.507.25 4 2 650.00 1,500.00 (a) Compute price relatives for each item in 2011 using 2009 as the base period Item Price Relative (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period 2011 (c) Compute a weighted...
The following table shows the prices and quantities consumed by a family of four for selected food commodities for 2000 and 2016. Use year 2000 as the base period 2000 2016 Commodity Price Quantity Price Quantity Ground beef (lb) $1.39 80 Milk (gallon) 1.69 100 2.75 120 Cookies (dozen) 1.29 95 Steak (pound) 4.99 50 $2.09 110 2.59 100 9.49 40 a) determine the simple index for steak for 2016 b) compute the simple average of the price relatives, use...
A certain beverage company provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow. Use 2011 as the base period. Unit Price ($) Item 2011 Quantity (cases) 2011 2014 Beer 30,000 19.50 20.15 Wine 5,000 100.00 120.00 Soft drink 70,000 8.00 8.80 Compute the price relatives for this company's products. (Round your answers to two decimal...
A certain manufacturing company has the following data on quantities shipped and unit costs for each of its four products. Mean Shipping Cost per Unit ($) Products Base-Period Quantities (Year 1) Year 1 Year 5 A 1,500 10.50 15.90 B 5,000 16.25 31.00 с 7,000 12.20 18.40 D 2,500 20.00 35.50 Use the price data to compute a Paasche index for the shipping cost if year 5 quantities are 3,500, 3,000, 7,500, and 3,000 for products A, B, C, and...
Recall the method of calculating real GDP detailed in the chapter. As you may already have noticed, this method has a problem: in calculating aggregate output, this method weights the output of the various goods and services by their relative prices in the base year. Say, for example, a textbook costs $100 in the base year, and a laptop costs $2,000. This means that the laptop would have 20 times the weight of a book in calculating aggregate output. But...
Consider an economy that produces and consumes coffee, bread and auto- mobiles. In the following table, we have data for two different years. The first 2 questions refer to this table. Price of 1 Automobile Price of 1 loaf of Bread Price of 1 cup of Coffee Number of Automobiles Produced Number of Loaves of Bread Produced Number of Cups of Coffee Produced Year 2018 $30,000 $1.50 $2.00 1000 400,000 100,000 Year 2019 $31,000 $1.60 $2.20 1100 400,000 105,000 1....
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