In Virtual Reality, time travel became possible only in 3006. Economists in the Statistics Bureau decided to conduct a Consumer Expenditure Survey in 3005. The table shows the results of the survey. It shows the items that consumers buy and their prices. The Statistics Bureau fixes the reference base year as 3005. Calculate the CPI in 3006 and the inflation rate measured by the CPI in 3006. >>> Answer to 1 decimal place. The CPI in 3006 using the 3005 CPI market basket is nothing. The inflation rate in 3006 using the 3005 CPI market basket is nothing percent. 3005 3006 Item Quantity Price Quantity Price Games 20 $40 15 $90 Time travel 0 - 10 $8,000
In Virtual Reality, time travel became possible only in 3006. Economists in the Statistics Bureau decided to conduct a Consumer Expenditure Survey in 3005. The table shows the results of the survey. It shows the items that consumers buy and their prices. The Statistics Bureau fixes the reference base year as 3005. Calculate the CPI in 3006 and the inflation rate measured by the CPI in 3006. >>> Answer to 1 decimal place. The CPI in 3006 using the 3005 CPI market basket is nothing. The inflation rate in 3006 using the 3005 CPI market basket is nothing percent. 3005 3006 Item Quantity Price Quantity Price Games 20 $40 15 $90 Time travel 0 - 10 $8,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In Virtual Reality, time travel became possible only in 3006. Economists in the Statistics Bureau decided to conduct a Consumer Expenditure Survey in 3005.
The table shows the results of the survey. It shows the items that consumers buy and their prices. The Statistics Bureau fixes the reference base year as 3005.
Calculate the CPI in 3006 and the inflation rate measured by the CPI in 3006.
>>> Answer to 1 decimal place.
The CPI in 3006 using the 3005 CPI market basket
is
nothing.
The inflation rate in 3006 using the 3005 CPI market basket is
nothing
percent.
|
3005
|
|
3006
|
||
Item
|
Quantity
|
Price
|
|
Quantity
|
Price
|
Games
|
20
|
$40
|
|
15
|
$90
|
Time travel
|
0
|
-
|
|
10
|
$8,000
|
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