Suppose a market basket contains two goods: good A and good B. Use the table below to calculate the cost of the market basket in 2010. 2010 Price Quantity Good A $33 100 Good B $15 22
Q: What will be the income when quantity is 104 and the price is 33
A: Initially in the given question, Quantity is = 104 Value of price = 33 Income = ?
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A: Part a)The cost of market basket (C) for each year is is:2015:C = $24652016:C = $2253.502017:C =…
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- Suppose there are only 3 goods in the consumer basket. Based on the following table, answer the following (show your work for at least one year): Price and quantity for consumer's basket Goods Quantity Price 2015 Price 2016 Price 2017 $3.50 500 gallons gas candy bar 365 packs $3.25 $3/gallon $1/pack $0.90 $50 $1.20 internet 12 months $50/month $65 a. Calculate the cost of the market basket for all years. b. Consider 2015 as the Base Year and compute the Consumer Price Index (CPI) for each year. c. Use the CPI to calculate the inflation rate for 2017cxalculate the cost of the market basket for 2011, 2012 and 2013?Tabie T Good Quantity 2017 prices 2018 prices 2019 prices A 10 1.750 KD 2.000 KD 1.750 KD В 20 2.000 KD 2.000 KD 2.000 KD 10 3.000 KD 3.500 KD 4.000 KD a. Calculate the cost of a bundle with 10 units of good A, 20 units of good B, and 10 units of good Z for 2017, 2018, and 2019 using the prices shown in the table 1. b. Then convert the results into an index for each year using 2017 as the base year. (Calculate total spending and price index for 2017, 2018 and 2019.) c. Calculate the percentage rate of change of the price level from 2018 to 2019 and from 2017 to 2018. d. Now suppose that the base year is 2019. Recalculate the price index for 2017, 2018, and 2019. e. Using the index with the 2019 base year, calculate the percentage rate of change of the price level from 2018 to 2019 and from 2017 to 2018.
- Table 24-5The table below pertains to Wrexington, an economy in which the typical consumer’s basket consists of 20 pounds of meat and 10 toys. Year Price ofMeat Price of aToy 2004 $3 per pound $2 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5. The cost of the basket Group of answer choices increased from 2004 to 2005 and increased from 2005 to 2006. increased from 2004 to 2005 and decreased from 2005 to 2006. decreased from 2004 to 2005 and increased from 2005 to 2006. decreased from 2004 to 2005 and decreased from 2005 to 2006.1- Economy X and Economy Y produce two types of goods, A and B. They have the following data Good A Good B Available Labor Used Labor: Determine: A. B. Good A: +312,500 // Good B: +200,000 Good A-150.000 // Good B +600.000 D. Good A +175,000 // Good B-437,500 None of the above Economy X 4 units of labor 1 unit of labor 1,500,000 40% Good A 50% Good B The change in production of each good if the economies trade with each other. Assume they will maintain the same level of activity as the original scenario (they do not increase nor decrease total labor used) Good A: +25,000 // Good B: +162.500 C. E Economy Y 5 units of labor 2 units of labor 2,500,000 30% Good A 35% Good BSuppose that Kaleed’s income 1800 RO. And he purchased 30 units of goods y that cost 30 RO per unit. Calculate how many units Kaleed can buy of product X when it costs 20 RO.
- Consider the scenario. Explain using written and graphical analysis What will happen in the market for lobster if the government rises the income taxand lobsters are a normal good?Sketch the following budget constraints: PX PY Income A RO 50 100 RO 5000 B 100 150 5000 C 50 200 2000 D 20 8 800There was a disruption in production and shipment of fertilizer when Russia invaded Ukraine in March 2022. How does the event in the market for fertilizer transition into the market for food. Explain and draw the graphs for both the markets.
- use tne grapn input tooi to neip you answer tne roilowing questions. You will not be gradea on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 46 Supply IPrice (Dollars per box) Quantity 20 40 35 Quantity Supplied (Millions of Бохes) 30 480 320 Demanded (Millions of boxes) 25 20 15 Demand 10 O 80 160 240 320 400 480 GEO 640 720 B00 QUANTITY (Millions of baxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. For each price listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price (Dollars per box) Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) Shortage or Surplus Pressure on Prices 35 15 True…5.Shoppers bought strawberries in March for $1.25 a pound rather than the $3.49 a pound they paid last year. With the price so low, some growers plowed over their strawberry plants to make way for spring melons: others froze their harvests and sold them to juice and jam makers. Source: USA Today, April 5, 2010 a. Explain how the market for strawberries would have changed if growers had not plowed in their plants but offered locals "you pick for free. Describe the changes in demand and supply in the market for strawberry jam. b.es The graph below depicts the market for blueberries in the coun Price 2.4 2.0 1.6 1.2 0.8 0.4 0 100 200 300 400 500 600 Quantity of blueberries (thousands of kilos) D of Ron.