The bar graph shows trends in the consumer price indexover the period 2012-2017. Over the six-year period,about what was the greatest change in the consumerprice index, and when did it occur?7.6Consumer Price IndexThe greatest change in the consumer price indexwas %, and it occurred in the year(Type whole numbers or decimals rounded to thenearest tenth as needed.)7.2Percent change from previous year6.86.465.65.24.84.4-4-3.63.22.86 2.421.61.20.80.41012012 2013 2014 2015 2016 2017目www

Analyzing the Greatest Change in the Consumer Price Index from 2012 to 2017 The Consumer Price Index…

Answered: The bar graph shows trends in the…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 4.8P

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Exercise 3 1) The table below gives the price and consumption (usage/sales) for two products x and y for four years. Using year 2000 as the base year calculate for each year, the b) Laspeyers price index, and Quantity x, q, a) Basic expenditure index Year c) Paasche price index Quantity y, q, Price of Price of y, Py х, р, 2000 R4 R3 3 2001 R5 6. R4 6. R5 R7 2002 R6 4 4 2003 R6 4 4 2) Below is a table of items consumed in a hotel for three years together with the average price of each item for each of the three years. Using 2003 as the base year, calculate for each subsequent year, the a) Basic expenditure index b) Laspeyers price index, and c) Paasche price index d) Laspeyers volume index e) Paasche volume index Item 2003 2004 2005 Quantity | Price (R) 3.95 Quantity Price (R) Quantity Price (R) Milk 2920 3100 4.10 3210 4.10 Bread 2190 3.60 2230 3.80 2200 4.00 Eggs (each) 0.60 7.20 14.00 16425 17563 0.60 17890 0.65 Butter 730 680 7.70 650 8.30 Cheese 1135 1086 14.9 1150 16.00 Margerine…
Gmpurts cnter the calcula Week 3 Homework sPunauo:i spaubueon. X 13 newconnect.mheducation.com/flow/connect.html Saved 3 Homework G) The following table gives the the value of the consumer price index for 2007 through 2015. Consumer Price Index Percentage Increase Year 207.3 2007 215.3 2008 214.5 2009 218.1 2010 224.9 2011 2012 229.6 233.0 2013 236.7 2014 237.0 2015 Instructions: To answer the following questions, complete the percentage increase column in the rounded to two decimal places and include a negative sign ) where appropriate. a) What was the inflation rate in 2009? b) What was the percentage increase of the average price level from 2008 to 2015? 9% inflation was lowest in (Click to select) c) Inflation was highest in (Click to select) 10 of 15 Prev Ne e ere to search w SUS
The following graph shows the approximate value of the U.s. Consumer Price Index (CPI) from September 2004 through November 2005. CPI Sep 2004–Nov 2005 I(t) 202 200 198 196 194 192 190 + 188 →t 14 4 8 10 12 Sep-04 Jan-05 Nov-05 The approximating curve shown on the figure is given by I(t) = -0.005t³ + 0.12t2 – 0.01t + 190 (0 sts 14), where t is time in months since the start of September 2004. (a) Use the model to estimate the monthly inflation rate in January 2005 (t = 4). Recall that the inflation rate is I'(t) (Round your answer to three decimal places.) I(t) % (b) Was inflation slowing or speeding up in January 2005? O slowing down O speeding up (c) When was inflation speeding up? When was inflation slowing? (Use the model to determine this.) Inflation was speeding up prior to --Select--- v 2005 and slowing after --Select--- v 2005.
1.Using 2016 as the base year, calculate the Laspeyre’s Quantity Index for 2021.A 138.60B 207.47C 72.15D 149.862.In general, consumers are price-takers; thus, they are expected to react to price changes by substituting ice-creamflavours that have become relatively cheaper for those that have become relatively more expensive. This phenomenon isconsistent with the substitution effect. Substitution tends to cause a negative correlation between the price and quantityrelatives.With regard to the observation above, and the indices calculated above, which of the following is false?A The transaction data on the ice-cream sales is not indicative of substitution effect.B The Paasche’s indices are relatively greater than the Laspeyre’s indices.C The price and quantity relatives of the ice-cream data are positively correlated.D The price and quantity relatives of the ice-cream data are negatively correlated.
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Define the term Consumer Price Index?

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