Use below information to answer Questions 6-9. "The shopping basket of a typical South African citizen consists of white star super maize meal poly 10kg, pan cooking oil 5lt, 2kg country range chicken mixed portions. Economist from Grain SA, Marguerite Pienaar yesterday highlighted a complex food landscape, where most staple prices have increased. Below is the change in prices of various food products between 2022 and 2023.(NB: The survey of these household expenditures was done in 2022)." Item 2022 Price per unit 2023 Price per unit White star super maize meal poly R250/kg R280/kg Pan cooking oil R60/litre R65/litre Country range chicken mixed R130/kg R170/kg portions

Use below information to answer Questions 6-9. "The shopping basket of a typical South African citizen consists of white star super maize meal poly 10kg, pan cooking oil 5lt, 2kg country range chicken mixed portions. Economist from Grain SA, Marguerite Pienaar yesterday highlighted a complex food landscape, where most staple prices have increased. Below is the change in prices of various food products between 2022 and 2023.(NB: The survey of these household expenditures was done in 2022)." Item 2022 Price per unit 2023 Price per unit White star super maize meal poly R250/kg R280/kg Pan cooking oil R60/litre R65/litre Country range chicken mixed R130/kg R170/kg portions

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section1.A: Applying Graphics To Economics

Problem 2SQP

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Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. PRICE (Thousands of dollars per home) 500 450 400 350 300 250 200 150 100 50 L 0 10 20 30 40 50 60 70 80 INCOME (Thousands of dollars per year) 90 100
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.Seafood 2000 Qty. (lb) | 2000 Price ($/lb) | 2009 Price ($/lb)Halibut 75,090 1.91 2.33Lobster 83,080 3.72 3.09Tuna 50,779 1.87 1.97(a)Compute a price relative for each type of seafood. (Round your answers to one decimal place.)Seafood Price RelativeHalibut 122.0 Lobster _________ Tuna 105.3 (b)Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)I2009 = ___________ Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)Seafood prices have decreased by ______ % over the 9-year period according to the index.
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 Qty. (Ib) 2000 2009 Price ($/lb) Seafood Price ($/lb) Halibut 75,090 2.01 2.33 Lobster 83,080 3.72 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut Lobster Tuna (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) I2009 = Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.) Seafood prices have increased v by | % over the 9-year period according to the index.
9. When milk consumption decreased, a survey firm wanted to know what was going on, so they interviewed people and found that people thought that rising milk prices were making it hard to justify their milk purchases. This suggests that what is going on is a:
You go on vacation for 14 days to an island in the middle of the ocean that is known for selling beautiful pearls. On day one of your vacation, you buy 10 small pearls for $10 from the 100 pearls available. The next day there is a storm that destroys the boats in the area, including the pearl driver's boats. The day you leave, you return to the pearl market and ask to buy 1 more pearl. 1.- estimate the price of pearls would be on the last day of your vacation 2.- would the price rise, decrease or stay the same? 3.- draw 1 diagram showing the supply and demand for pearls on the island before and after the storm. 4.- explain your estimated price for pearls on the last day of your vacation
Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?
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Suppose that we have the following price data Year Price of Gasoline Price of Soda 1987 $.89 per gallon $.35 per 16 oz. bottle 2005 $ 2.39 per gallon $1.49 per 16 oz. bottle a) Calculate the percentage change in the price of each good. b) Calculate the percentage change in the relative price of gasoline in terms of soda. Year Relative Price of Gasoline 1987 $.89 / .35 = 2.54 2005 $ 2.39 /1.49 = 1.60 c) Why do we only worry about relative prices in economics?