Table Q3(c): Consumer basket consumption of lamb and broccoli Year Price of lamb Price of broccoli 2020 RM20/kg RM25/kg RM12/kg RM18/kg 2021 (i) Calculate the cost of the basket in 2020 and 2021. (ii) Calculate the CPI for 2020 and 2021 if 2020 is the base year. (iii) Calculate the inflation rate in 2021 if 2020 is base year.
Table Q3(c): Consumer basket consumption of lamb and broccoli Year Price of lamb Price of broccoli 2020 RM20/kg RM25/kg RM12/kg RM18/kg 2021 (i) Calculate the cost of the basket in 2020 and 2021. (ii) Calculate the CPI for 2020 and 2021 if 2020 is the base year. (iii) Calculate the inflation rate in 2021 if 2020 is base year.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
principle of economy
![Generally, labour market is positively associated with the economic performance.
Hence, the implementation of Malaysia National Recovery Plan (NRP) has allowed
some flexibility for economic and services activities to resume in line with the NRP's
phases. This targeted strategy has brought some light for the labour market to recover
progressively.With the permission for more business activities to reopen under Phase
1 along with transitions of some states into Phase 3 and Phase 4, more labour market
activities are foreseen in the upcoming months. Nonetheless, due to uncertain public
health situation, the challenges to the labour market may persist. On this note,
collaboration and awareness of the whole nation comprising of individuals,
community as well as business are crucial to ensure heard immunity can be achieved,
thus will be able to revive the country's economyand labour market.
Q3
C)
Consider table Q3(c) a hypothetical economy in which the typical consumer's
basket consists of 3 kilograms (kg) of lamb and 4 kg of broccoli.
Table Q3(c): Consumer basket consumption of lamb and broccoli
Year
Price of lamb
Price of broccoli
2020
RM20/kg
RM25/kg
RM12/kg
RM18/kg
2021
(i)
Calculate the cost of the basket in 2020 and 2021.
(ii)
Calculate the CPI for 2020 and 2021 if 2020 is the base year.
(ii)
Calculate the inflation rate in 2021 if 2020 is base year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ea9ea54-3fac-4ff4-8d1f-181b8390fd8d%2F3f35dcd9-2ac0-41ba-982e-3146d2857c1e%2Fzo1a06c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Generally, labour market is positively associated with the economic performance.
Hence, the implementation of Malaysia National Recovery Plan (NRP) has allowed
some flexibility for economic and services activities to resume in line with the NRP's
phases. This targeted strategy has brought some light for the labour market to recover
progressively.With the permission for more business activities to reopen under Phase
1 along with transitions of some states into Phase 3 and Phase 4, more labour market
activities are foreseen in the upcoming months. Nonetheless, due to uncertain public
health situation, the challenges to the labour market may persist. On this note,
collaboration and awareness of the whole nation comprising of individuals,
community as well as business are crucial to ensure heard immunity can be achieved,
thus will be able to revive the country's economyand labour market.
Q3
C)
Consider table Q3(c) a hypothetical economy in which the typical consumer's
basket consists of 3 kilograms (kg) of lamb and 4 kg of broccoli.
Table Q3(c): Consumer basket consumption of lamb and broccoli
Year
Price of lamb
Price of broccoli
2020
RM20/kg
RM25/kg
RM12/kg
RM18/kg
2021
(i)
Calculate the cost of the basket in 2020 and 2021.
(ii)
Calculate the CPI for 2020 and 2021 if 2020 is the base year.
(ii)
Calculate the inflation rate in 2021 if 2020 is base year.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education