Please solve all need final answer only 16) Consider the following data on prices and production values. The average household spend30% of their monthly income on services and 70% of their monthly income on manufacturedgoods.Manufactured GoodsServicesYearQuantityPriceQuantity120Price1983150$10$15$20$22012220$8$143602021260590The CPI (1983 = 100) for 2021 isа) 260b) 320c) 350d) 28017) Since the start of the war in Ukraine, oil has jumped from $75 per barrel (Dec. 2020) to over$105 per barrel. Higher oil prices will raise the price of energy across the board.Considering the fact that the energy sector in the US represents around 7.6% of GDP and thatenergy makes up around 12% of the average household's monthly budget, rank the followingprice indices from most affected by this event to least affected by this eventa) CPI, Chained CPI, GDP Deflator, Core CPIb) Core CPI, CPI, GDP Deflator, Chained CPIc) GDP Deflator, Core CPI, CPI, Chained CPId) GDP Deflator, Chained CPI, Core CPI, CPI18) Studies have shown that the CPI consistently overstates inflation in the US, Why is this?a) The fixed weights of the CPI don't allow for consumers to substitute cheaper products toavoid some price increasesb) The CPI isn't properly accounting for people finding lower prices at discount stores andamazonc) Hedonically adjusting fails to correctly account for new productsd) All of the above19) There has been recent concern about the recent increase in inflation as measured by growthin the CPI. The CPI in Jan 2000 was 169.3 while the CPI for January 2020 (just prior to theCOVID craziness) was 258.7. In January 2022, the CPI was 281.9. Assuming an exponentialtrend, how far off trend is the CPI in January 2022?a) 2.5%b) 5.3%c) 4.4%d) 8.9%

Year Qm Pm Qs Ps 1983 150 10 120 2 2021 260 20 590 14

16) Consider the following data on prices and production values. The average household spend 30% of their monthly income on services and 70% of their monthly income on manufactured goods. Manufactured Goods Services Price $2 $8 $14 Price Quantity 120 Year Quantity 150 1983 2012 2021 $10 $15 $20 360 590 220 260 The CPI (1983 = 100) for 2021 is a) 260 b) 320 c) 350 d) 280 S75 nor harrel (Dec. 2020) to over

16) Consider the following data on prices and production values. The average household spend 30% of their monthly income on services and 70% of their monthly income on manufactured goods. Manufactured Goods Services Price $2 $8 $14 Price Quantity 120 Year Quantity 150 1983 2012 2021 $10 $15 $20 360 590 220 260 The CPI (1983 = 100) for 2021 is a) 260 b) 320 c) 350 d) 280 S75 nor harrel (Dec. 2020) to over

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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