Previous qust Ruth is a senior citizen who consumes food and health care. When she retired in 2002, she consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $69. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $297. As a result, Ruth consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is 169.92. (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been 69.92 percent over the 10-year period from 2002 to 2012 (Enter your response rounded to two decimal places.) Next, calculate a Paasche cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Paasche index for 2012 is (Enter your response rounded to two decimal places.)

Previous qust Ruth is a senior citizen who consumes food and health care. When she retired in 2002, she consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $69. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $297. As a result, Ruth consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is 169.92. (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been 69.92 percent over the 10-year period from 2002 to 2012 (Enter your response rounded to two decimal places.) Next, calculate a Paasche cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Paasche index for 2012 is (Enter your response rounded to two decimal places.)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST7: The Economics Of Health Care

Section: Chapter Questions

Problem 1CQ

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