The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%. Hotdogs Cans of Cola Chocolate bars Magazines Movies Prices ($) 2019 2.70 1.30 1.00 6.50 6.00 2020 2.80 1.25 1.00 7.50 5.75 Quantities (# consumed per month) 2020 1 18 7 2 3 With 2019 as the base year this index has changed by 2019 2 16 7 3 2 a. The value of Student A's 2019 shopping basket using 2019 prices is $ The item weights associated with this shopping basket are[ for magazines, and for movies. b. The value of Student A's 2019 shopping basket using 2020 prices is $ If 2019 is used as the base year, the 2020 value of Student A's price index is[ for hotdogs, for cola, for chocolate bars, and the 2019 value of this index is then % between 2019 and 2020.
The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%. Hotdogs Cans of Cola Chocolate bars Magazines Movies Prices ($) 2019 2.70 1.30 1.00 6.50 6.00 2020 2.80 1.25 1.00 7.50 5.75 Quantities (# consumed per month) 2020 1 18 7 2 3 With 2019 as the base year this index has changed by 2019 2 16 7 3 2 a. The value of Student A's 2019 shopping basket using 2019 prices is $ The item weights associated with this shopping basket are[ for magazines, and for movies. b. The value of Student A's 2019 shopping basket using 2020 prices is $ If 2019 is used as the base year, the 2020 value of Student A's price index is[ for hotdogs, for cola, for chocolate bars, and the 2019 value of this index is then % between 2019 and 2020.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...
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![The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and
cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without
decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%.
Hotdogs
Cans of Cola
Chocolate bars
Magazines
Movies
Prices ($)
2019
2.70
1.30
1.00
6.50
6.00
2020
2.80
1.25
1.00
7.50
5.75
Quantities
(# consumed per month)
2020
With 2019 as the base year this index has changed by
2019
2
16
7
3
2
1
18
7
a. The value of Student A's 2019 shopping basket using 2019 prices is $
The item weights associated with this shopping basket are
for magazines, and
for movies.
b. The value of Student A's 2019 shopping basket using 2020 prices is $
If 2019 is used as the base year, the 2020 value of Student A's price index is
2
3
for hotdogs,
for cola,
for chocolate bars,
and the 2019 value of this index is then
% between 2019 and 2020.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2544b074-24fb-4c8c-9c46-194a4d33d8d8%2Fec04cd22-2d10-481c-8e42-51188f4a4a20%2Faluc7do_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and
cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without
decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%.
Hotdogs
Cans of Cola
Chocolate bars
Magazines
Movies
Prices ($)
2019
2.70
1.30
1.00
6.50
6.00
2020
2.80
1.25
1.00
7.50
5.75
Quantities
(# consumed per month)
2020
With 2019 as the base year this index has changed by
2019
2
16
7
3
2
1
18
7
a. The value of Student A's 2019 shopping basket using 2019 prices is $
The item weights associated with this shopping basket are
for magazines, and
for movies.
b. The value of Student A's 2019 shopping basket using 2020 prices is $
If 2019 is used as the base year, the 2020 value of Student A's price index is
2
3
for hotdogs,
for cola,
for chocolate bars,
and the 2019 value of this index is then
% between 2019 and 2020.
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