Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
- What is the CPI in 2020?
- What is the inflation rate between 2019 and 2020?

Transcribed Image Text:**Table: Price and Quantity of Laptops, Hamburgers, and Pizza in 2019 and 2020**
This table provides a comparison of the prices and quantities of three items—laptops, hamburgers, and pizza—in the years 2019 and 2020.
| Year | Laptops | | Hamburgers | | Pizza | |
|------|---------|---------|------------|---------|-------|---------|
| | Price | Quantity| Price | Quantity| Price | Quantity|
| 2019 | $900 | 10 | $10 | 100 | $15 | 2 |
| 2020 | $1000 | 12 | $12 | 105 | $16 | 2 |
### Explanation:
- **Laptops**:
- **2019**: Priced at $900 with a quantity of 10 units.
- **2020**: The price increased to $1000 and the quantity to 12 units.
- **Hamburgers**:
- **2019**: Each priced at $10, with a quantity of 100.
- **2020**: Price rose to $12 with an increased quantity of 105.
- **Pizza**:
- **2019**: Priced at $15 and a quantity of 2.
- **2020**: Price slightly increased to $16, with the quantity remaining constant at 2.
Overall, there is an apparent trend of slight increases in prices from 2019 to 2020, with corresponding changes in quantities for laptops and hamburgers, while the quantity of pizza remained stable.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education