Use the following table to answer questions about the hypothetical BYU Treats economy, which produces three goods. For each of these questions, show your work. Basket Items Unit $ per unit (2020) $ per unit (2021) $ per unit (2022) Cougar Tail 1 donut $5 $4.50 $4.25 Mint Brownie ½ sheet $29.98 $34.99 $39.99 Graham Canyon ice cream 5 quarts $14.99 $16.49 $17.99 i. Calculate the CPI (Consumer Price Index) for each year, using 2020 as the base year ii. What is the inflation rate from 2020 to 2021? iii. What is the inflation rate from 2020 to 2022? iv. Did the price of a Cougar Tail increase or decrease in real terms from 2020 to 2022? By how much?

Use the following table to answer questions about the hypothetical BYU Treats economy, which produces three goods. For each of these questions, show your work. Basket Items Unit $ per unit (2020) $ per unit (2021) $ per unit (2022) Cougar Tail 1 donut $5 $4.50 $4.25 Mint Brownie ½ sheet $29.98 $34.99 $39.99 Graham Canyon ice cream 5 quarts $14.99 $16.49 $17.99 i. Calculate the CPI (Consumer Price Index) for each year, using 2020 as the base year ii. What is the inflation rate from 2020 to 2021? iii. What is the inflation rate from 2020 to 2022? iv. Did the price of a Cougar Tail increase or decrease in real terms from 2020 to 2022? By how much?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 24AA

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The answer choices for the fill in the blank is local department store, store in the neighboring city, and store across town
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