Please answer correct calculation asap plzDon't answer by pen paper plz Use the following table for question 14only. The table shows the prices and thequantities consumed in CarnivoreCountry. The base year is 2018. Thismeans that 2018 is the year the typicalconsumption basket was determined sothe quantities consumed in 2018 are theonly quantities needed to calculate theCPI in each year.Year20182019Price ofBeef$2.30$2.10Quantity ofBeef100120Price ofPork0 percent11 percent15 percent20 percentnone of the above$0.90$1.50Quantity ofPork907014. What is the approximate inflation ratefor 2019 (i.e. percentage increase in pricesfrom 2018 to 2019)?

The market basket consists of two goods, beef, and pork. Hence, there are 100 quantities of beef…

Answered: What is the 2019 (i.e. percentage m…

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What is the 2019 (i.e. percentage m 2018 to 2019)? approximate inflation rate increase in prices

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer correct calculation asap plz

Don't answer by pen paper plz

Use the following table for question 14
only. The table shows the prices and the
quantities consumed in Carnivore
Country. The base year is 2018. This
means that 2018 is the year the typical
consumption basket was determined so
the quantities consumed in 2018 are the
only quantities needed to calculate the
CPI in each year.
Year
2018
2019
Price of
Beef
$2.30
$2.10
Quantity of
Beef
100
120
Price of
Pork
0 percent
11 percent
15 percent
20 percent
none of the above
$0.90
$1.50
Quantity of
Pork
90
70
14. What is the approximate inflation rate
for 2019 (i.e. percentage increase in prices
from 2018 to 2019)?

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(i) (ii) (iii) Given a consumer price index of 154.5 in the year 2019 and 165.3 in 2020, calculate the rate of inflation in 2020. The average price of a car was £35,650 in 2019. Calculate the revised price in 2020 based on the rate of inflation calculated in part (i). Assume that in 2019 Robert has invested £2000 in a bank account, which pays an annual interest rate of 6%. After a year has passed, he is paid £120 in interest. Explain whether Robert is now better off than he was the year before based on your answer in part (i).