Consider a fictional price Index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the followingtable shows Information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019.The cost of each item in the basket and the total cost of the basket are shown for 2017.Perform these same calculations for 2018 and 2019, and enter the results in the following table.201720182019PriceCostPriceCostPriceCostQuantity in Basket(Dollars)(Dollars) (Dollars)(Dollars)(Dollars)(Dollars)Notebooks105011Calculators100100110140Large coffees15011501Energy drinks5010034.Textbooks101001,000120150Total cost1,400100Price indexSuppose the base year for this price index is 2017.In the last row of the table, calculate and enter the value of the CSPI for the remaining years.Between 2017 and 2018, the CSPI increased by%. Between 2018 and 2019, the CSPI increased byW20 Suppose the base year for this price index is 2017.In the last row of the table, calculate and enter the value of the CSPI for the remaining years.Between 2017 and 2018, the CSPI increased byBetween 2018 and 2019, the CSPI increased byWhich of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check allthat apply.Professors required each student to buy 10 notebooks, regardless of the price.A new, safe method of memory enhancement became available for purchase.O As the price of textbooks increased, more and more students turned to the used-book market or chose not to buy textbooks at all,instead using the copies on reserve in the library.O The quality and design of calculators improved dramatically from 2017 to 2019. For example, calculators made in 2019 accept melorycards, whereas those made in 2017 do not, but this quality change is hard to measure.

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Consider a fictional price Index, the College Student Price Index (CSPI), based on a typlcal college student's annual purchases. Suppose the following table shows Information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each Item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2017 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 50 11 Calculators 1 100 100 110 140 Large coffees 150 1 150 1 Energy drinks 50 100 3 4. Textbooks 10 100 1,000 120 150 Total cost 1,400 100 Price index Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. % Between 2018 and 2019, the CSPI increased by Between 2017 and 2018, the CSPI increased by

Consider a fictional price Index, the College Student Price Index (CSPI), based on a typlcal college student's annual purchases. Suppose the following table shows Information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each Item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2017 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 50 11 Calculators 1 100 100 110 140 Large coffees 150 1 150 1 Energy drinks 50 100 3 4. Textbooks 10 100 1,000 120 150 Total cost 1,400 100 Price index Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. % Between 2018 and 2019, the CSPI increased by Between 2017 and 2018, the CSPI increased by

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider an imaginary price index, the Undergraduate Price Index (UPI), created to represent the annual purchases made by a typical undergradute. The following table contains information on the market basket for the UPI and the price of each good in 2020, 2021, and 2022. The cost of each good in the basket as well as the basket’s total cost are given for 2020. Perform these same calculations for 2021 and 2022, and enter the results in the following table. Quantity in Basket 2020 2021 2022 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Streaming services 1 64 64 104 134 Iced coffees 150 2 300 2 2 Textbooks 10 80 800 85 105 Notebooks 8 2 16 2 4 Energy drinks 40 3 120 4 5 Total cost 1,300 Price index 100 Suppose this price index uses 2020 as the base year. In the last row of the table, calculate and…
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