(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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
100%
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.
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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