Use Table 1 to answer Questions 19 through 24. Table 1 reflects prices of goods and services in a fictional economy that only produces two goods, kiwis and apricots.
Homework Answers
ANswer
base year basket cost =base year price * fixed basket of
quantity
base year basket cost =5*1+10*2=$25
Current year basket cost=fixed basket quantity *current year The
cost in 2016=5*2+10*4=50
CPI =(Current basket cost /base year basket cot)*100
=(50/25)*100
=200
the CPI is 200
option d
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Use Table 1 to answer Questions 19 through 24. Table 1 reflects
prices of goods and...
The table below shows the prices for a consumer's typical basket of goods. Assume 2014 is...
The table below shows the prices for a consumer's typical basket of goods. Assume 2014 is the base year. Good 2014 Unit Price $3.15 20.00 Quantity 250 10 2016 Unit price $3.37 23.00 Bottles of BBQ sauce Quivers of arrows What are the basket prices for 2014 and 2016? Give all answers to two decimals. 2014: 5 2016: 5 What is the CPI? Give all answers to two decimals. 2014: 2016:
3. (12 points) Suppose there are only two goods in the economy, namely goods A and goods B. Using 2014 as base year and...
3. (12 points) Suppose there are only two goods in the economy, namely goods A and goods B. Using 2014 as base year and fix the basket as the quantity in 2014, calculate the CPI in 2015 and the inflation rate by CPI in 2015. Table 2: Prices and Quantities 2014 2015 A B Price Quantity Price $31 1000 $ 36 $ 102 200 $ 100 Quantity 1050 205
3. (12 points) Suppose there are only two goods in the economy, namely goods A and...
3. (12 points) Suppose there are only two goods in the economy, namely goods A and goods B. Using 2014 as base year and fix the basket as the quantity in 2014, calculate the CPI in 2015 and the inflation rate by CPI in 2015. Table 2: Prices and Quantities 2014 2015 A B Price Quantity Price $31 1000 $ 36 $ 102 200 $ 100 Quantity 1050 205
help me 11,18,20, 25 18. Tables Frohlandian Prices in 1998 and 1999 1 Banana 1 Box of Cereal 1 1 Can of Orange Jui...
help me 11,18,20, 25
18. Tables Frohlandian Prices in 1998 and 1999 1 Banana 1 Box of Cereal 1 1 Can of Orange Juice Prices in 1998 $1.00 55.00 $3.00 Prices in 1999 $1.50 $6.00 $3,40 The table above gives the prices of goods in Frolandia during 1998 and 1999. The typical basket of goods in Frohlandia consists of 10 bananas, Frolandian CPI in 1999 if the base year is 1998? ($50/540)*100 - 125.0. 100.0 0. (540/550)x100 = 80.0. boxes...
Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn...
Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn Drinks of soda 2017 Price $5.00 $3.00 $1.00 Price $8.00 $4.00 $1.25 QUESTIONS Use the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2018 prices. What is the value of the CPI for the reference base...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a year is made of: 150 lbs of bread, 80 bottles of water and 50 T-shirts. Prices (in USD) of each of these items, across different years, are reported in the following table Year 1 lbs of bread 1 bottle of water 1 T-shirt 2008 S2 2009 $2.3 2010 $2.6 2011 $2.8 2012 S3 $1.2 $1.2 $1.35 $1.8 $1.8 $15 $18 $18 $18 $25 (a)...
Nominal Cost Help; Both questions, please. Refer to table 1. Consider a basket of goods that...
Nominal Cost Help; Both questions, please.
Refer to table 1. Consider a basket of goods that includes 10 apples, 5 bananas, 3 kiwis, and 1 pineapple. At the prices given in the table, what is the nominal cost of the basket of goods in 2004? Table 1 ear apple baaa kiwi pineapple 2003 $4 $2 $5 $6 2004 $3 $2 $6 $8 Select one: O a. $80 o b. $66 O c. $73 O d. $40 Refer to table 1...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. (Year 2014 is the base year.) Year Price of strawberries Quantity of strawberries 2014 100 Price of Quantity cream of cream $3.00 | 200 $3.50 400 $4.00 500 | 2015 | $2.00 | 2016 $3.00 125 150 Year Nominal GDP Real GDP GDP deflator 2014 100 $ 700 $ 700 2015 118...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016 and 2017 are milk, beef, gasoline, cloth. The quantities (Q) produced and prices (P) are given by the following: Year 2015 Qmilk Pmilk 200 2.35 220 2.49 233 2.79 (beer Pbeer lgasolin 120 3.30 400 123 3.35 430 145 3.47 440 Pgasoline (cloth Pcloth 1.12 510 2.33 1.15 512 2.47 1.20 523 2.67 2016 2017 Let 2015 be the base year and assume the...
Consider a simple economy that produces two goods: pencils and oranges. The following table shows the...
Consider a simple economy that produces two goods: pencils and oranges. The following table shows the prices and quantities of the goods over a three-year period Pencils Oranges Price Price Quantity Quantity (Number of pencils) 110 155 120 (Dollars per pencil) (Dollars per orange) (Number of oranges) Year 2012 2013 2014 150 215 180 Use the information from the preceding table to fill in the following table Real GDP (Base year 2012, dollars) Nominal GDP (Dollars) GDP Deflator Year 2012...
The table below shows the prices for a consumer's typical basket of goods. Assume 2014 is the base year. Good 2014 Unit Price $3.15 20.00 Quantity 250 10 2016 Unit price $3.37 23.00 Bottles of BBQ sauce Quivers of arrows What are the basket prices for 2014 and 2016? Give all answers to two decimals. 2014: 5 2016: 5 What is the CPI? Give all answers to two decimals. 2014: 2016:
3. (12 points) Suppose there are only two goods in the economy, namely goods A and goods B. Using 2014 as base year and fix the basket as the quantity in 2014, calculate the CPI in 2015 and the inflation rate by CPI in 2015. Table 2: Prices and Quantities 2014 2015 A B Price Quantity Price $31 1000 $ 36 $ 102 200 $ 100 Quantity 1050 205
3. (12 points) Suppose there are only two goods in the economy, namely goods A and goods B. Using 2014 as base year and fix the basket as the quantity in 2014, calculate the CPI in 2015 and the inflation rate by CPI in 2015. Table 2: Prices and Quantities 2014 2015 A B Price Quantity Price $31 1000 $ 36 $ 102 200 $ 100 Quantity 1050 205
help me 11,18,20, 25
18. Tables Frohlandian Prices in 1998 and 1999 1 Banana 1 Box of Cereal 1 1 Can of Orange Juice Prices in 1998 $1.00 55.00 $3.00 Prices in 1999 $1.50 $6.00 $3,40 The table above gives the prices of goods in Frolandia during 1998 and 1999. The typical basket of goods in Frohlandia consists of 10 bananas, Frolandian CPI in 1999 if the base year is 1998? ($50/540)*100 - 125.0. 100.0 0. (540/550)x100 = 80.0. boxes...
Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn Drinks of soda 2017 Price $5.00 $3.00 $1.00 Price $8.00 $4.00 $1.25 QUESTIONS Use the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2018 prices. What is the value of the CPI for the reference base...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a year is made of: 150 lbs of bread, 80 bottles of water and 50 T-shirts. Prices (in USD) of each of these items, across different years, are reported in the following table Year 1 lbs of bread 1 bottle of water 1 T-shirt 2008 S2 2009 $2.3 2010 $2.6 2011 $2.8 2012 S3 $1.2 $1.2 $1.35 $1.8 $1.8 $15 $18 $18 $18 $25 (a)...
Nominal Cost Help; Both questions, please.
Refer to table 1. Consider a basket of goods that includes 10 apples, 5 bananas, 3 kiwis, and 1 pineapple. At the prices given in the table, what is the nominal cost of the basket of goods in 2004? Table 1 ear apple baaa kiwi pineapple 2003 $4 $2 $5 $6 2004 $3 $2 $6 $8 Select one: O a. $80 o b. $66 O c. $73 O d. $40 Refer to table 1...
Consider an economy that only produces two goods: strawberries and cream. Use the table below to compute nominal GDP, real GDP, and the GDP deflator for each year. (Year 2014 is the base year.) Year Price of strawberries Quantity of strawberries 2014 100 Price of Quantity cream of cream $3.00 | 200 $3.50 400 $4.00 500 | 2015 | $2.00 | 2016 $3.00 125 150 Year Nominal GDP Real GDP GDP deflator 2014 100 $ 700 $ 700 2015 118...
5. Inflation and CPI Suppose in Economy A, the final goods produced in year 2015, 2016 and 2017 are milk, beef, gasoline, cloth. The quantities (Q) produced and prices (P) are given by the following: Year 2015 Qmilk Pmilk 200 2.35 220 2.49 233 2.79 (beer Pbeer lgasolin 120 3.30 400 123 3.35 430 145 3.47 440 Pgasoline (cloth Pcloth 1.12 510 2.33 1.15 512 2.47 1.20 523 2.67 2016 2017 Let 2015 be the base year and assume the...
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