Q3. Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls 100 Plus 2006 price RM2 RM4 RM1 2006 quantity 100 100 200 2007 price RM2 RM6 RM2 2007 quantity 100 100 200 a. What is the percentage change in the price of each of the three goods? b. Using a method that similar to the consumer price index, compute the percentage change in the overal price level.

Q3. Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls 100 Plus 2006 price RM2 RM4 RM1 2006 quantity 100 100 200 2007 price RM2 RM6 RM2 2007 quantity 100 100 200 a. What is the percentage change in the price of each of the three goods? b. Using a method that similar to the consumer price index, compute the percentage change in the overal price level.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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