Questions 14-15 are a set of questions. Here is the table for the questions.Will's expenditures on food for three consecutive years, along with other values, are presentedin the table below.Year20092010 2011Expenditures on Food $5,000$5,800 $6,600Consumer Price Index 160.0 168.0X14. Refer to the above Table. Suppose Will's 2010 food expenditures in 2011dollars amount to $6,235. Then x, the consumer price index for 2011, has a valueof(A) 171.2.(B) 175.0.(C) 177.5.(D) 180.6.15. Refer to the above Table. Suppose Will's 2009 food expenditures in 2011dollars amount to $5,670. Then(A) the consumer price index was 11.8 percent higher in 2011 than it was in 2009.(B) the inflation rate in 2011 was 8 percent.(C) Will's 2011 food expenditures in 2009 dollars amount to $5,740.(D) Will's 2010 food expenditures in 2011 dollars amount to $6,210.*3 points* 3 points

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Answered: Questions 14-15 are a set of questions.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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. **THE TABLE IS ATTACHED** 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 2017 and 2018, the CSPI increased by_________%. Between 2018 and 2019, the CSPI increased by_________%. Which 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 all that apply. As the price of textbooks increased, more and more students…
need help with related multiple choice questions (as three sub parts can be answered)
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.
economics
None
Suppose you know the following facts about consumer behavior of Amy in 2019. In a year, Amy spends $10000 on basic household items regardless of how much she is earning. For every dollar of disposable income earned, Amy spends 50% on extra purchases. Amy pays taxes in the amount of $1000, and receives no transfers. Use this information to: Derive Amy’s consumption function in nominal terms. Suppose the price level index in the economy for 2019 is estimated to be P = 2. Rewrite the consumption function in real terms.
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Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 70% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods Goods Services 0.8 and Services sectors that make each sector's income match its 0.2 0.3 expenditures. 0.7 Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and ps, respectively. If ps = $1000, then PG = S (Type an integer or a decimal.) If ps = $80, then PG = $ (Type an integer or a decimal.)

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