Use the following basket of goods for years 2006, 2007, and 2008 to answer questions 1 through 10: Good and Quantity Price in Price in Price in unit 2006 2007 2008 Coffee, pounds 3 $10.25 $10.30 $11.25 $3.50 $3.85 $3.30 Gasoline, gallons 30 Cereal, boxes 5 $4.25 $4.25 $4.50 Electricity, kwh 200 $0.11 $0.11 $0.10 Milk, quarts 12 $1.75 $1.80 $1.75 If the basket were adjusted again in 2008 to reflect the drop in gasoline prices and the subsequent rise in consumption of that good – returning the quantity to its 2006 level of 30 gallons – what would the price level be (rounded to the nearest tenth)?

Use the following basket of goods for years 2006, 2007, and 2008 to answer questions 1 through 10: Good and Quantity Price in Price in Price in unit 2006 2007 2008 Coffee, pounds 3 $10.25 $10.30 $11.25 $3.50 $3.85 $3.30 Gasoline, gallons 30 Cereal, boxes 5 $4.25 $4.25 $4.50 Electricity, kwh 200 $0.11 $0.11 $0.10 Milk, quarts 12 $1.75 $1.80 $1.75 If the basket were adjusted again in 2008 to reflect the drop in gasoline prices and the subsequent rise in consumption of that good – returning the quantity to its 2006 level of 30 gallons – what would the price level be (rounded to the nearest tenth)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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