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(2001) (2002) (2003) (2004) (2001) (2002) (2003) (2004) Items Qty Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries $2.00 $1.90 $2.05 $2.13 $2.13 Total

(2001) (2002) (2003) (2004) (2001) (2002) (2003) (2004) Items Qty Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries $2.00 $1.90 $2.05 $2.13 $2.13 Total

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Shows the fruit prices that the typical college student purchased from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? 2. Construct the price index for a “fruit basket” in each year using 2003 as the base year. 3. Compute the inflation rate for fruit prices from 2001 to 2004.

(2001) (2002) (2003) (2004) (2001) (2002) (2003) (2004) Items Qty Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries $2.00 $1.90 $2.05 $2.13 $2.13 Total
Transcribed Image Text:(2001) (2002) (2003) (2004) (2001) (2002) (2003) (2004) Items Qty Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries $2.00 $1.90 $2.05 $2.13 $2.13 Total
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