Calculate the CPI, based on the following information. You must show your work to get full credit. Just providing the answer will result in a 0. Portion of Category Budget 2$ Old Price New Price 3,500 $ 3,750 2,500 $ 2,800 1,200 $ 1,900 Housing 50% Food 25% Transportation 25%

Calculate the CPI, based on the following information. You must show your work to get full credit. Just providing the answer will result in a 0. Portion of Category Budget 2$ Old Price New Price 3,500 $ 3,750 2,500 $ 2,800 1,200 $ 1,900 Housing 50% Food 25% Transportation 25%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. In 2018 your annual salary was $54,370 per year and the CPI was 133.4. In 2022 your annual salary was $59,140 and the CPI was 151.2. a. What should your annual salary have been in 2022 if your 2018 annual salary increased at the rate of inflation from 2018 to 2022? Round your answer to the nearest dollar. b. By what percent was your actual 2022 salary above or below your inflation adjusted salary from part (a)? You must specifically state whether it was above or below the inflation adjusted salary. (answer as a % to 2 decimals)
13. In 2018 your annual salary was $54,370 per year and the CPI was 133.4. In 2022 your annual salary was $59,140 and the CPI was 151.2. a. What should your annual salary have been in 2022 if your 2018 annual salary increased at the rate of inflation from 2018 to 2022? Round your answer to the nearest dollar. b. By what percent was your actual 2022 salary above or below your inflation adjusted salary from part (a)? You must specifically state whether it was above or below the inflation adjusted salary. (answer as a % to 2 decimals)
Q32
The federal minimum wage in 1991 was $4.25. The value of the CPI in 1991 was 136.2 The value of the CPI in 2018 was 251.107. The federal minimum wage in 2018 was $7.25. Round your answers to two decimal places. The real value of the minimum wage in 1991 measured in base year dollars was $ . The real value of the minimum wage in 1991 measured in 2018 dollars was $ . Minimum wage workers were better off in 1991 than they were in 2018. Enter T for true or F for false.
The table shows the quantities of the goods Suzie bought and the prices she paid during two consecutive weeks. Suzie's CPI market basket contains the goods she bought in Week 1. Calculate the cost of Suzie's CPI market basket in Week 1 and in Week 2. What percentage of the CPI market basket is gasoline? Calculate the value of Suzie's CPI in Week 2 and her inflation rate in week 2. The cost of Suzie's CPI market basket in Week 1 is $ >>> Answer to 2 decimal places. m Week 1 Item Coffee Books Gasoline Week 2 Item Coffee Books Gasoline Concert Quantity 8 cups 1 25 gallons Quantity 8 cups 4 15 gallons 1 ticket Price $4.00 a cup $25.00 each $2.00 a gallon Price $4.00 a cup $12.50 each $2.50 a gallon $95 each
7) In 2010, a bottle of Coke cost $1. In 2020, it would cost $1.50. The CPI for 2020 was 260 and the CPI for 2010 was 220. Which of the following statements is correct? A) The real price of Coke stayed the same. B) The real price of Coke decreased. C) The real price of Coke increased. D) The nominal price of Coke stayed the same.
Month CPI January 281.93 February 284.18 March 287.71 April 288.66 The minimum wage was $1.60 in 1968. The CPI in December of 1968 was 35.6 and we have the data above for CPI values in 2022. What is the value of the 1968 minimum wage in April 2022 terms? Round your answer to two digits after the decimal without the dollar sign. Make sure you are using the correct base period.
Give an example of a good or service that has increased in price since the time when you were young. Describe the good or service and tell us what price the good cost when you were young compared to today. Calculate the percentage change in price (the inflation rate for the good in question) over the time period you are describing.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Q28
The cost of a gallon of gasoline was $0.57 in 1975. If the cost of gasoline grew with inflation what would the cost be in 2021? How does this compare this to the actual cost of gasoline in 2021? Explain your answer using a meaningful sentence. CPI in 1975 was 53.8 CPI in 2021 was 270.97
The CPI in December of the year 2000 was equal to 174.6. In May of 2023, the most recent month available, the CPI was 304.2. If you made $35,000 in 2000, how much income would you have to make in March of 2023 to maintain the same purchasing power? Please show your work.