1- The following table shows the price and quantities consumed. The base year is 2001.YearPrice ofbread$1Quantity of Price of toys Quantity oftoys300Quantity ofрepsiPrice ofbread200120022003рepsi$0.7$08$0.75500$5$10$10.5300600590200210400$1.05420a- Calculate the value of the CPI in 2001, 2002, and 2003.b- Calculate the inflation rate between 2001 and 2002 and between 2002 and 2003, using the CPI.

The measure that depicts the average change in prices over a period of time for which the consumers…

1- The following table shows the price and quantities consumed. The base year is 2001. Quantity of pepsi 300 400 420 Year Price of bread 2001 2002 2003 $1 $1 $1.05 Quantity of Price of toys Quantity of bread 500 600 590 toys 300 200 210 Price of рepsi $0.7 S0.8 $0.75 $5 $10 S10.5 a- Calculate the value of the CPI in 2001, 2002, and 2003. b- Calculate the inflation rate between 2001 and 2002 and between 2002 and 2003, using the CPI.

1- The following table shows the price and quantities consumed. The base year is 2001. Quantity of pepsi 300 400 420 Year Price of bread 2001 2002 2003 $1 $1 $1.05 Quantity of Price of toys Quantity of bread 500 600 590 toys 300 200 210 Price of рepsi $0.7 S0.8 $0.75 $5 $10 S10.5 a- Calculate the value of the CPI in 2001, 2002, and 2003. b- Calculate the inflation rate between 2001 and 2002 and between 2002 and 2003, using the CPI.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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