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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The average price of tuition and fees at public 4-year colleges and universities increased from $1,780 in 1989 to $7,100 in 2010. Calculate the relative change in price from 1989 to 2010 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average Annual Consumer Phc6 Ihdex (CPI) CPI 124.0 130.7 136.2 140.3 CPI 56.9 Year CPI 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 Year Year 2001 2002 2003 1976 1989 1990 1991 1992 1993 1994 1995 1996 1997 1977 60.6 Average tuition and fees in public 4-year colleges and universities increased by %. (Round to the nearest integer as needed.) 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 2004 144.5 2005 2006 2007 2008 148.2 152.4 156.9 160.5 163.0 166.6 172.2 2009 2010 2011 1998 218.1 1999 2000 224.9 229.6 2012
Calculate the rate of inflation or delation between 2014 and 2015.
Blu-rays CPI basket quantity Bottled water 10 discs $16 per disc $12 per disc $1.00 per bottle $1.25 per bottle 14) If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table? A) 102.8 2009 price 200 bottles 2015 price B) 97.3 C) zero because the price of Blu-rays fell and the price of water increased D) 128.0
Price Quantity Year (Dollars per sticker) (Number of stickers) 2020 3 210 2021 2 150 2022 3 125 Year 2020 2021 Use the information from the preceding table to fill in the following table. 2022 Stickers From 2021 to 2022, nominal GDP Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) GDP Deflator The inflation rate in 2022 was Price (Dollars per paper plate) and real GDP 4 4 Paper plates 4 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of paper plates) 180 Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP includes the value of exports, but nominal GDP does not. 200 180
A hypothetical country of Narnia produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2017. Year 2016 2017 2018 2019 Price (Dollars per movie) 7.6% 7.5% Movies 7.2% 7% 10.00 11.00 12.00 12.00 Quantity Quantity (Movies) (Dollars per bag) (Bags) 500 600 650 625 Popcorn Refer to Table 23-5. What was the rate of inflation for Narnia in 2019? (Hint: round-off to the nearest decimal point) Price 5 4 5 6 1,000 900 950 925
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Notebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index Quantity in Basket 10 1 300 75 8 Price Cost (Dollars) (Dollars) 3 30 75 75 600 150 720 NN 90 Suppose the base year for this price index is 2017. Between 2017 and 2018, the CSPI increased by 2017 1,575 100 Price (Dollars) 3 80 2 4 110 2018 Cost (Dollars) In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Price (Dollars) 4 104 2 5 120 % Between 2018 and 2019, the CSPI increased by 2019 Cost (Dollars) % Which 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 all that apply. A new type of personal transporter, which made it easier to get around places like university campuses, became available for purchase. Professors required each student to buy 10 notebooks, regardless of the price. As the price of energy drinks increased relative to the price of coffee between 2017…
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Year Income CPI 2012 2013 62,464 65,692 226.7 230.3 2014 2015 66,899 70,500 233.9 233.7 2016 72,904 236.9 Answer of the following questions using the data in the table above (Show the analysis): a) Provide the adjusted median incomes (convert to 2016 dollars) b) Calculate the mean of the nominal incomes c) Calculate the mean of the adjusted incomes d) Explain the importance of adjusting values for inflation (2-5 sentences)
4. Good X Y Z Quantity 10 20 5 Price in 1999 $5 $10 $6 Price in 2000 $6 $10 $10 Assume year 2000 is the base year. a) Calculate the market basket value for each year. What is the consumer price index in 1999? b) What is the inflation rate between 1999 and 2000?
The following table shows a hypothetical situation for an economy that uses for an average household of four people a basket of only three products to calculate the consumer price index (CPI) between the years 2015 and 2018. Product Product A 20 Product B Product C 98 100 131 133 50 2015 4 Quantity Price $50 $52 $56 $100 55 $105 61 $113 $1,200 5 $1,210 5 $1,230 If the base year is 2015, what is the value of the consumer price index in 2015? (round to the closest integer) a 22 2016 P Q 23 2017 P Q $55 $111 $1,225 22 62 2018 5 P
In a country, people use only three products (Milk, Apple and Bread) for consumption. A typical basket for the country contains 10 liters of milk, 5 kg of apples and 15 packs of bread. The Price in AED of these products are given in the below table. The base year is given as 2015. Find the consumer price index (CPI) and inflation for all the years? What are the shortcomings of CPI? Year Milk per liter Apple per KG Bread Per packet 2015 10 3 2 2016 10.5 3.5 2 2017 11.5 5 3 2018 12 6 4 2019 14 7 5 2020 16 8 5