Good X Y Z Quantity Consumed 100 150 25 2008 Prices $1.00 $1.50 $3.00 c. Was there inflation between 2009 and 2010? 2009 Prices $1.50 $2.00 $3.25 2010 Prices $1.75 $2.00 $3.00 The consumer price index (CPI) is a fixed-weight index. It compares the price of a fixed bundle of goods in one year with the price of the same bundle of goods in some base year. a. Calculate the price of a bundle containing 100 units of good X, 150 units of good Y, and 25 units of good Z in 2008, 2009, and 2010. Convert the results into an index by dividing each bundle price figure by the bundle price in 2008. b. Calculate the percentage change in your index between 2008 and 2009 and again between 2009 and 2010.

Good X Y Z Quantity Consumed 100 150 25 2008 Prices $1.00 $1.50 $3.00 c. Was there inflation between 2009 and 2010? 2009 Prices $1.50 $2.00 $3.25 2010 Prices $1.75 $2.00 $3.00 The consumer price index (CPI) is a fixed-weight index. It compares the price of a fixed bundle of goods in one year with the price of the same bundle of goods in some base year. a. Calculate the price of a bundle containing 100 units of good X, 150 units of good Y, and 25 units of good Z in 2008, 2009, and 2010. Convert the results into an index by dividing each bundle price figure by the bundle price in 2008. b. Calculate the percentage change in your index between 2008 and 2009 and again between 2009 and 2010.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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