1. Calculating inflation using a simple price index Consider an imaginary price index, the Undergraduate Price Index (UPI), created to represent the annual purchases made by a typical undergradute. The following table contains information on the market basket for the UPI and the price of each good in 2020, 2021, and 2022. The cost of each good in the basket as well as the basket's total cost are given for 2020. Perform these same calculations for 2021 and 2022, and enter the results in the following table. Streaming services Iced coffees Textbooks Notebooks Energy drinks Total cost Price index Price Quantity in Basket (Dollars) 1 64 150 2 10 80 8 2 3 40 2020 Suppose this price index uses 2020 as the base year. Cost (Dollars) 64 300 800 16 120 1,300 100 2021 Price (Dollars) 104 2 85 2 4 Cost (Dollars) In the last row of the table, calculate and enter the value of the UPI for the remaining years. 2022 Price Cost (Dollars) (Dollars) 134 2 105 4 5

1. Calculating inflation using a simple price index Consider an imaginary price index, the Undergraduate Price Index (UPI), created to represent the annual purchases made by a typical undergradute. The following table contains information on the market basket for the UPI and the price of each good in 2020, 2021, and 2022. The cost of each good in the basket as well as the basket's total cost are given for 2020. Perform these same calculations for 2021 and 2022, and enter the results in the following table. Streaming services Iced coffees Textbooks Notebooks Energy drinks Total cost Price index Price Quantity in Basket (Dollars) 1 64 150 2 10 80 8 2 3 40 2020 Suppose this price index uses 2020 as the base year. Cost (Dollars) 64 300 800 16 120 1,300 100 2021 Price (Dollars) 104 2 85 2 4 Cost (Dollars) In the last row of the table, calculate and enter the value of the UPI for the remaining years. 2022 Price Cost (Dollars) (Dollars) 134 2 105 4 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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