Jack is a lowly office worker in 2030, and represents the typical consumer. He onl spends his money on three items: his daily food cube (which provides all of the necessar; macronutrients and calories for the day in the palm of your hand!), Uber rides, and ren on his 250 square foot apartment (which is sometimes used as a meeting space and lov notel). Jack's annual consumption is 365 food cubes, 600 Uber rides, and 12 rental payments Let 2029 be the base year, and assume that the CPI for 2030 is 150. Year Price of Food Cube Price of Uber Ride Price of Rental Payment 2030 $15 $30 $665 $20 $40 $1,000 $3,330 $10,000 2031 2032 $25 $40 2033 $30 $35
Jack is a lowly office worker in 2030, and represents the typical consumer. He onl spends his money on three items: his daily food cube (which provides all of the necessar; macronutrients and calories for the day in the palm of your hand!), Uber rides, and ren on his 250 square foot apartment (which is sometimes used as a meeting space and lov notel). Jack's annual consumption is 365 food cubes, 600 Uber rides, and 12 rental payments Let 2029 be the base year, and assume that the CPI for 2030 is 150. Year Price of Food Cube Price of Uber Ride Price of Rental Payment 2030 $15 $30 $665 $20 $40 $1,000 $3,330 $10,000 2031 2032 $25 $40 2033 $30 $35
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:2. In the future, “you will owm nothing and you will be happy."
Jack is a lowly office worker in 2030, and represents the typical consumer. He only
spends his money on three items: his daily food cube (which provides all of the necessary
macronutrients and calories for the day in the palm of your hand!), Uber rides, and rent
on his 250 square foot apartment (which is sometimes used as a meeting space and love
hotel).
Jack's annual consumption is 365 food cubes, 600 Uber rides, and 12 rental payments.
Let 2029 be the base year, and assume that the CPI for 2030 is 150.
Year
Price of Food Cube
Price of Uber Ride
Price of Rental Payment
2030
$15
$30
$665
$20
$40
$1,000
$3,330
$10,000
2031
2032
$25
$40
2033
$30
$35
(a) Calculate the CPI for 2031, 2032, and 2033. Show your work.
(b) Now let 2030 be the base year. Calculate the CPI for 2031, 2032, and 2033. Show
your work.
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