ITEM QUANTITY (2009) PRICE (2009) QUANTITY (2010) PRICE (2009) Bananas 20 $1.00 15 $1.00 Cupcakes 30...
|
ITEM |
QUANTITY (2009) |
PRICE (2009) |
QUANTITY (2010) |
PRICE (2009) |
|
Bananas |
20 |
$1.00 |
15 |
$1.00 |
|
Cupcakes |
30 |
$1.00 |
45 |
$0.75 |
|
Sushi |
10 |
$10.00 |
8 |
$11.00 |
- A Consumer Expenditure Survey in Fancyville shows that people
only consume bananas, cupcakes and sushi. The Consumer Expenditure
Survey for both 2009 and 2010 are in the table above. The base year
is 2009.
- What and how much is in the CPI market basket?
- What did the CPI market basket cost in 2009? What was the CPI in 2009?
- What did the CPI market basket cost in 2010? What was the CPI in 2010?
- What was the inflation rate between 2009 and 2010?
Homework Answers
CPI market basket cost in 2009 = 20*1+30*1+10*10 = 150
CPI in 2009 = 150/150*100 = 100
CPI market basket cost in 2010 = 15*1+45*0.75+8*11=136.75
CPI in 2010 = 136.75/150*100 = 91.16
Inflation rate = 91.16-100/100*100 = -8.84%
Add Answer to:
ITEM
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PRICE (2009)
QUANTITY (2010)
PRICE (2009)
Bananas
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15
$1.00
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The Statistics Bureau fixes the reference base year as
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Is there a substitution bias in the CPI that uses the
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$1.70
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$17.00
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What is the inflation rate for 1976?
Use the information in the table to calculate a consumer price...
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