Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 5, Problem 11SPA
To determine
Determine why the
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16
Consider a fictional price index, the University Student Price Index (USPI), based on a typical university student's annual purchases. Suppose the
following table shows information on the market basket for the USPI and the prices of each of the goods in 2016, 2017, and 2018.
The cost of each item in the basket and the total cost of the basket are shown for 2016.
Perform these same calculations for 2017 and 2018, and enter the results in the following table.
2016
2017
2018
Price
(Dollars)
Cost
(Dollars)
Price
(Dollars)
Cost
(Dollars)
Quantity in Basket
Notebooks
10
3
30
3
Calculators
1
75
75
80
Large coffees
300
2
600
2
Energy drinks
75
2
150
4
Textbooks
8
90
720
110
Total cost
1,575
100
Price index
Suppose the base year for this price index is 2016.
In the last row of the table, calculate and enter the value of the USPI for the remaining years.
Between 2016 and 2017, the USPI increased by
%. Between 2017 and 2018, the USPI increased by
%
Which of the following, if true, would…
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Please help with this Econ problem.
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Chapter 5 Solutions
Macroeconomics
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.1 - Prob. 5RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQ
Ch. 5.2 - Prob. 6RQCh. 5.2 - Prob. 7RQCh. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.3 - Prob. 4RQCh. 5.3 - Prob. 5RQCh. 5.3 - Prob. 6RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11SPACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APACh. 5 - Prob. 28APACh. 5 - Prob. 29APA
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- A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.arrow_forwardDo you think perfect indexing is possible? Why or why not?arrow_forwardWhat is indexing?arrow_forward
- You can use a price index to study the buying habits of individuals? True or falsearrow_forwardConsider a fictional price Index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows Information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2017 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 50 11 Calculators 100 100 110 140 Large coffees 150 1 150 1 Energy drinks 50 100 3 4. Textbooks 10 100 1,000 120 150 Total cost 1,400 100 Price index Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2017 and 2018, the CSPI increased by %. Between 2018 and 2019, the CSPI increased by W 20arrow_forward
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