Can you explain how they got this answer? I thought the equation was basket value year 2009 divided by basket value year 2007 X 100. That would be $5000/$1200X100=416 Check my work mode : This shows what is correct or incorrect for the work you have completed so far.Use the following table, which lists output quantities and prices for the only three goods in the economy, to ans-2007.Hot DogsBaseballsBottles of BeerYearPriceQuantityPriceQuantityPriceQuantity2005$2.00100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250The Consumer Price Index for the year 2009 isMultiple Choice200.< Prey3 of 10Next >FEB6.20F3888>>F8#24%4.56.8.RY

Given Information- Base Year= 2007 Current year=2009 Consumer Price Index = Cost of the fixed basket…

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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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