Ross 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 $73. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is (Enter your response rounded two decimal places.)
Ross 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 $73. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is (Enter your response rounded two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Ross 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 $73.
However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month.
Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is
(Enter your response rounded to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75e93314-1f5f-4519-beca-bf94d96e2d75%2Ffc4e72c0-6d15-43a6-81e1-a28c136187a1%2Fx7ygx3k_processed.png&w=3840&q=75)
Transcribed Image Text:Ross 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 $73.
However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month.
Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is
(Enter your response rounded to two decimal places.)
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