3. Consumer Price Index3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators:Base Year (2011)20142015ProductQuantityPriceExpenditurePriceExpenditurePriceExpenditureTextbook120$16$20$2860101521StudyguideCalculator8036.TotalFill all expenditures including total expenditures in the above table. Using the year 2011 as thebase year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014to 2015? Show your works

It is a measure that examines the weighted average of prices of a basket of consumer goods and…

Consumer Price Index 3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators: 2015 Base Year (2011) Price 2014 Product Quantity Expenditure Price Expenditure Price Expenditure $28 21 Textbook 120 $16 $20 15 Study guide Calculator 60 10 80 3 Total Fill all expenditures including total expenditures in the above table. Using the year 2011 as the base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014 to 2015? Show your works

Consumer Price Index 3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators: 2015 Base Year (2011) Price 2014 Product Quantity Expenditure Price Expenditure Price Expenditure $28 21 Textbook 120 $16 $20 15 Study guide Calculator 60 10 80 3 Total Fill all expenditures including total expenditures in the above table. Using the year 2011 as the base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014 to 2015? Show your works

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Consumer Price Index
3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators:
Base Year (2011)
2014
2015
Product
Quantity
Price
Expenditure
Price
Expenditure
Price
Expenditure
Textbook
120
$16
$20
$28
60
10
15
21
Study
guide
Calculator
80
3
6.
Total
Fill all expenditures including total expenditures in the above table. Using the year 2011 as the
base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014
to 2015? Show your works

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