a) Consider the following consumption data for the economy of Ruthenia:Quantity Prices 2021$5.55$420$12500$0.36ItemPrice 2022$4.65Pizzas1500Computers120$480$15200$0.44$35$47Cars39ApplesMassagesAccounting Services7800420$31190Calculate the CPI for both years as well as the inflation rate.$49

Item Quantity Price 2021 Cost of basket in 2021 ($) (Price of 2021*Quantity) Price 2022 Cost of…

a) Consider the following consumption data for the economy of Ruthenia: Item Quantity Prices 2021 $5.55 Price 2022 $4.65 $480 $15200 $0.44 $35 $47 Pizzas 1500 Computers Cars 120 $420 $12500 $0.36 $31 $49 39 Apples Massages Accounting Services 7800 420 190 Calculate the CPI for both years as well as the inflation rate.

a) Consider the following consumption data for the economy of Ruthenia: Item Quantity Prices 2021 $5.55 Price 2022 $4.65 $480 $15200 $0.44 $35 $47 Pizzas 1500 Computers Cars 120 $420 $12500 $0.36 $31 $49 39 Apples Massages Accounting Services 7800 420 190 Calculate the CPI for both years as well as the inflation rate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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