Give me proper answer with calculation otherwise i give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the nextquestion. The base year is 2007.Year20052006200720082009Hot DogsPrice$2.504.005.008.0010.00Quantity100100100150200theBaseballsPrice$2.505.005.008.0010.00The Consumer Price Index for the year 2005 isQuantity50100100200200Bottles of BeerPrice$1.002.002.004.004.00Quantity100150200200250

The CPI is a metric used to assess how prices(P) for services and items have changed on average over…

Answered: Use the following table, which lists…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Give me proper answer with calculation otherwise i give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the next
question. The base year is 2007.
Year
2005
2006
2007
2008
2009
Hot Dogs
Price
$2.50
4.00
5.00
8.00
10.00
Quantity
100
100
100
150
200
the
Baseballs
Price
$2.50
5.00
5.00
8.00
10.00
The Consumer Price Index for the year 2005 is
Quantity
50
100
100
200
200
Bottles of Beer
Price
$1.00
2.00
2.00
4.00
4.00
Quantity
100
150
200
200
250

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