2. The table below shows the prices and the quantities of meat consumed in Meat-Loversville.Suppose the base year is 2003.Year200320042005Price of Beef$2.00$2.50$2.75Quantity ofBeef10090105Price of Pork$1.00$0.90$1.00a. Determine the values of the basket in 2003,2004, 2005.Quantity ofPork100120130b. Determine the values of the CPI in 2003,2004, and 2005.c. What was the inflation rate for 2004? Why is the inflation rate for this yearbiased upward?d. Suppose that the base year is changed from 2003 to 2005. Also, suppose thatthe typical consumption basket was now determined in 2005. What is the newCPI for 2004?

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2. The table below shows the prices and the quantities of meat consumed in Meat-Loversville. Suppose the base year is 2003. Year 2003 2004 2005 Price of Beef $2.00 $2.50 $2.75 Quantity of Beef 100 90 105 Price of Pork Quantity of Pork 100 120 130 $1.00 $0.90 $1.00 a. Determine the values of the basket in 2003,2004, 2005. b. Determine the values of the CPI in 2003,2004, and 2005. c. What was the inflation rate for 2004? Why is the inflation rate for this year biased upward? d. Suppose that the base year is changed from 2003 to 2005. Also, suppose that

2. The table below shows the prices and the quantities of meat consumed in Meat-Loversville. Suppose the base year is 2003. Year 2003 2004 2005 Price of Beef $2.00 $2.50 $2.75 Quantity of Beef 100 90 105 Price of Pork Quantity of Pork 100 120 130 $1.00 $0.90 $1.00 a. Determine the values of the basket in 2003,2004, 2005. b. Determine the values of the CPI in 2003,2004, and 2005. c. What was the inflation rate for 2004? Why is the inflation rate for this year biased upward? d. Suppose that the base year is changed from 2003 to 2005. Also, suppose that

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. The table below shows the prices and the quantities of meat consumed in Meat-Loversville. Suppose the base year is 2003. Year 2003 2004 2005 Price of Beef Quantity of Beef 100 $2.00 $2.50 $2.75 Price of Pork Quantity of Pork 100 120 130 $1.00 $0.90 $1.00 90 105 a. Determine the values of the basket in 2003,2004, 2005. b. Determine the values of the CPI in 2003,2004, and 2005. c. What was the inflation rate for 2004? Why is the inflation rate for this year biased upward? d. Suppose that the base year is changed from 2003 to 2005. Also, suppose that the typical consumption basket was now determined in 2005. What is the new CPI for 2004? The solutions of (a) (b) (c) are given as follows,please just solve for question(d),I wii be very very appreciate!!~
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