Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he 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 $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $278. As a result, Roberto consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is nothing. (Enter your response rounded to two decimal places.)
Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he 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 $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $278. As a result, Roberto consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is nothing. (Enter your response rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Roberto
is a senior citizen who consumes food and health care. When
he
retired in 2002,
he
consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the $10
and the price of a medical checkup was
$64.
However, in 2012, the price of a meal is
$11
and the price of a medical checkup is
$278.
As a result,
Roberto
consumes 100 meals and 2 medical checkups per month.Calculate a Laspeyres cost-of-living index for
Roberto
using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is
nothing.
(Enter
your response rounded to two decimal
places.)
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