Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2019 2017 2018 Cost Price Cost Price Cost Price (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Quantity In Basket (Dollars) 8. 15 30 Notebooks 130 1 70 70 100 Calculators 250 2 500 2 Large coffees 6. Energy drinks 50 100 4 10 120 1,200 150 180 Textbooks Total cost 1,900 Price Index 100 Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. % Between 2018 and 2019, the CSPI increased by Between 2017 and 2018, the CSPI increased by
Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2019 2017 2018 Cost Price Cost Price Cost Price (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Quantity In Basket (Dollars) 8. 15 30 Notebooks 130 1 70 70 100 Calculators 250 2 500 2 Large coffees 6. Energy drinks 50 100 4 10 120 1,200 150 180 Textbooks Total cost 1,900 Price Index 100 Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. % Between 2018 and 2019, the CSPI increased by Between 2017 and 2018, the CSPI increased by
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019.
The cost of each item in the basket and the total cost of the basket are shown for 2017.
Perform these same calculations for 2018 and 2019, and enter the results in the following table.
Transcribed Image Text:Perform these same calculations for 2018 and 2019, and enter the results in the following table.
2018
2019
2017
Price
Cost
Price
Cost
Price
Cost
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
Quantity In Basket
(Dollars)
8.
15
2.
30
Notebooks
70
100
130
Calculators
1
70
2.
250
500
Large coffees
2.
100
4
6.
Energy drinks
50
1,200
150
180
Textbooks
10
120
Total cost
1,900
100
Price Index
Suppose the base year for this price index is 2017.
In the last row of the table, calculate and enter the value of the CSPI for the remaining years.
Between 2018 and 2019, the CSPI increased by
%
Between 2017 and 2018, the CSPI increased by
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