Perform these same calculations for 2011 and 2012, and enter the results in the following table.NotebooksCalculatorsLarge coffeesEnergy drinksTextbooksTotal costPrice indexQuantity in Basket10120010010Price(Dollars)25012100Suppose the base year for this price index is 2010.2010Between 2010 and 2011, the CSPI increased byCost(Dollars)20502002001,0001,470100Price(Dollars)154131202011Cost(Dollars)In the last row of the table, calculate and enter the value of the CSPI for the remaining years.1,200Price(Dollars)3751A new, safe method of memory enhancement became available for purchase.150% Between 2011 and 2012, the CSPI increased by2012Cost(Dollars)%1,500Which 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 allthat apply.The quality and design of calculators improved dramatically from 2010 to 2012. For example, calculators made in 2012 accept memorycards, whereas those made in 2010 do not.Professors required each student to buy 10 textbooks, regardless of the price.As the price of textbooks increased, more and more students turned to the used-book market or chose not to buy textbooks at all,instead using the copies on reserve in the library.

Consumer price index (CPI) refers to the calculation of weighted average of the consumption basket…

Perform these same calculations for 2011 and 2012, and enter the results in the following table. Notebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index Quantity in Basket 10 1 200 100 10 2010 Price (Dollars) 2 50 1 2 100 Suppose the base year for this price index is 2010 Cost (Dollars) 20 50 200 200 1,000 1,470 100 Price (Dollars) 1 54 1 3 120 2011 Cost Price (Dollars) (Dollars) 3 1,200 75 1 4 150 2012 Cost (Dollars) 1,500

Perform these same calculations for 2011 and 2012, and enter the results in the following table. Notebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index Quantity in Basket 10 1 200 100 10 2010 Price (Dollars) 2 50 1 2 100 Suppose the base year for this price index is 2010 Cost (Dollars) 20 50 200 200 1,000 1,470 100 Price (Dollars) 1 54 1 3 120 2011 Cost Price (Dollars) (Dollars) 3 1,200 75 1 4 150 2012 Cost (Dollars) 1,500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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