Complete the following table: Quantity 2018 Price 2018 Cost 2019 Price 2019 Cost Books 2 $75 $95 Equipment 4 $105 $65 Travel 2 $450 $235 Hockey games 8 $150 $100 Meals 8 $65 $45 Total Your Answer and Calculations If 2018 is the base year, what is the price index for that year? What is the price index for 2019? What happened to prices between 2018 and 2019? What is this called? By how much did prices change between 2018 and 2019? Suppose that the price index for 2021 was 102.6. How much inflation occurred between 2019 and 2021? What was the average annual price change over this two-year period? If your nominal income does not change between 2018 and 2019, what can be said about your level of real income? You only need one sentence to explain this.
Complete the following table:
|
|
Quantity |
2018 |
2018 Cost |
2019 Price |
2019 Cost |
|
Books |
2 |
$75 |
|
$95 |
|
|
Equipment |
4 |
$105 |
|
$65 |
|
|
Travel |
2 |
$450 |
|
$235 |
|
|
Hockey games |
8 |
$150 |
|
$100 |
|
|
Meals |
8 |
$65 |
|
$45 |
|
|
Total |
|
|
|
|
|
|
|
Your Answer and Calculations |
|
|
If 2018 is the base year, what is the price index for that year? |
|
|
|
What is the price index for 2019? |
|
|
|
What happened to prices between 2018 and 2019? What is this called? |
|
|
|
By how much did prices change between 2018 and 2019? |
|
|
|
Suppose that the price index for 2021 was 102.6. How much inflation occurred between 2019 and 2021? |
|
|
|
What was the average annual price change over this two-year period? |
|
|
|
If your nominal income does not change between 2018 and 2019, what can be said about your level of real income? You only need one sentence to explain this. |
|
| Goods | Quantity | 2018 Price | 2018 Cost | 2019 Price | 2019 Cost |
| Books | 2 | $75 | $150 | $95 | $190 |
| Equipment | 4 | $105 | $420 | $65 | $260 |
| Travel | 2 | $450 | $900 | $235 | $470 |
| Hockey games | 8 | $150 | $1,200 | $100 | $800 |
| Meals | 8 | $65 | $520 | $45 | $360 |
| TOTAL | 24 | 845 | 3190 | 540 | 2080 |
6
Step by step
Solved in 8 steps
