answer D,E,F The table below lists the prices and quantities consumed of three different goods from 2018-2020.201820192020GoodPrice ($) Quantity Price ($) Quantity Price ($) QuantityA1210168185B5183304251102510a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in thetable above.Instructions: Round your answers to the nearest whole number.201820192020Consumer expenditure220$228$240Instructions: Round your answers to one decimal place.b. The percentage change in the amount the consumer paid is3.6 % from 2018 to 2019, and5.26 % from 2019 to 2020.c. It is problematic to use your answers to part b as a measure of inflation because both price and vInstructions: Round your answers to one decimal place.d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018consumption levels, the rate of inflation was% from 2018 to 2019, and% from 2019 to 2020.Instructions: Round your answers to one decimal place.e. Repeat the exercise from part d, now assuming that the base year is 2019. Using 2019 consumption levels, the rate of inflation is|% from 2018 to 2019, and% from 2019 to 2020.f. Your answers from parts d and e were different because the base years v(Click to select)income has changedprices have changedthe base years put different weights on the goodsthe base years have the same consumption quantities

Inflation is the rise in prices and decline in the value of the currency in a nation.

d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was 1% from 2018 to 2019, and |% from 2019 to 2020. Instructions: Round your answers to one decimal place. e. Repeat the exercise from part d, now assuming that the base year is 2019. Using 2019 consumption levels, the rate of inflation is 1% from 2018 to 2019, and 1% from 2019 to 2020. f. Your answers from parts d and e were different because the base years (Click to select) income has changed prices have changed the base years put different weights on the goods the base years have the same consumption quantities

d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was 1% from 2018 to 2019, and |% from 2019 to 2020. Instructions: Round your answers to one decimal place. e. Repeat the exercise from part d, now assuming that the base year is 2019. Using 2019 consumption levels, the rate of inflation is 1% from 2018 to 2019, and 1% from 2019 to 2020. f. Your answers from parts d and e were different because the base years (Click to select) income has changed prices have changed the base years put different weights on the goods the base years have the same consumption quantities

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

answer D,E,F

The table below lists the prices and quantities consumed of three different goods from 2018-2020.
2018
2019
2020
Good
Price ($) Quantity Price ($) Quantity Price ($) Quantity
A
12
10
16
8
18
5
B
5
18
3
30
4
25
1
10
2
5
10
a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in the
table above.
Instructions: Round your answers to the nearest whole number.
2018
2019
2020
Consumer expenditure
220
$
228
$
240
Instructions: Round your answers to one decimal place.
b. The percentage change in the amount the consumer paid is
3.6 % from 2018 to 2019, and
5.26 % from 2019 to 2020.
c. It is problematic to use your answers to part b as a measure of inflation because both price and v
Instructions: Round your answers to one decimal place.
d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018
consumption levels, the rate of inflation was
% from 2018 to 2019, and
% from 2019 to 2020.
Instructions: Round your answers to one decimal place.
e. Repeat the exercise from part d, now assuming that the base year is 2019. Using 2019 consumption levels, the rate of inflation is
|% from 2018 to 2019, and
% from 2019 to 2020.
f. Your answers from parts d and e were different because the base years v
(Click to select)
income has changed
prices have changed
the base years put different weights on the goods
the base years have the same consumption quantities

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