The table below lists the prices and quantities consumed of three different goods from 2018-2020. 2018 2019 2020 Good Price ($) Quantity Price ($) Quantity Price ($) Quantity 12 10 16 8 18 B 5 18 3 30 4 25 1 10 2 5 10 a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. Instructions: Round your answers to the nearest whole number. 2018 2019 2020 Consumer expenditure $ Instructions: Round your answers to one decimal place. b. The percentage change in the amount the consumer paid is % from 2018 to 2019, and % from 2019 to 2020. c. It is problematic to use your answers to part b as a measure of inflation because (Click to select) v Instructions: Round your answers to one decimal place. d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was |% from 2018 to 2019, and| % from 2019 to 2020.

The table below lists the prices and quantities consumed of three different goods from 2018-2020. 2018 2019 2020 Good Price ($) Quantity Price ($) Quantity Price ($) Quantity 12 10 16 8 18 B 5 18 3 30 4 25 1 10 2 5 10 a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. Instructions: Round your answers to the nearest whole number. 2018 2019 2020 Consumer expenditure $ Instructions: Round your answers to one decimal place. b. The percentage change in the amount the consumer paid is % from 2018 to 2019, and % from 2019 to 2020. c. It is problematic to use your answers to part b as a measure of inflation because (Click to select) v Instructions: Round your answers to one decimal place. d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was |% from 2018 to 2019, and| % from 2019 to 2020.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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