Calculating inflation using a simple price index Module Three Quiz6. Calculating inflation using a simple price indexConsider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the followingtable 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.NotebooksCalculatorsLarge coffeesEnergy drinksTextbooksTotal costPrice indexQuantity in Basket1011505010Suppose the base year for this price index is 2017.2017Price(Dollars)510012100248 words. X2018CostPrice(Dollars)(Dollars) (Dollars)507100110150110031,0001201,400100In the last row of the table, calculate and enter the value of the CSPI for the remaining years.LICEPage 1 of 3English (United States)Cost(Dollars)MacBook AirPrice(Dollars)11140141502019Cost(Dollars)FocusLA12 Module Three QuizNotebooksCalculatorsLarge coffeesEnergy drinksTextbooksTotal costPrice index101150501051001Page 1 of 32100Suppose the base year for this price index is 2017.Between 2017 and 2018, the CSPI increased by501001501001,0001,4001007In the last row of the table, calculate and enter the value of the CSPI for the remaining years.1101248 words IX English (United States)3120Corporate Tax Devenue LIFE in billional.%. Between 2018 and 2019, the CSPI increased by111401Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check allthat apply.4150A new mobile device for personal computing became available for purchase.As the price of calculators rose, fewer students decided to buy them, opting instead to use the free calculators in their cell phones or ontheir computers.Professors required each student to buy 10 textbooks, regardless of the price.Energy drinks became increasingly popular on college campuses between 2017 and 2019 due to significant improvements in flavor, butthis quality change is hard to measure.%.MacBook AirFocusFoTuis courseⓇ+XA.125%

Price index, proportion of relative price changes, comprising of a progression of numbers organized…

6. Calculating inflation using a simple price index Consider 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.

6. Calculating inflation using a simple price index Consider 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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 36P: If inflation rises unexpectedly by 5, indicate for each of the following whether the economic actor...

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1.Calculating inflation using a simple price index Consider a fictional price index, the college student Price index (CSPI), based on a typical college students annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2010, 2011, and 2012. the cost of each item in the basket and the total cost of the basket are shown for 2010. Perform these same calculations for 2011 and 2012, and enter the results in the following table. 2010 2011. 2012 Quantity in baskets Notebooks 10 Calculators 1 Large coffees 150 Energy drinks 50 Textbooks. 10 Total cost. 5 Price index 5 2010. 2011. 2012 Price. Cost. Price Cost. Price Cost 5 50 7 11 100 100 110 140…
The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by ■%. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993 144.5 2005 1981 90.9 1994 148.2 2006 1982 96.5 1995 152.4 2007 1983 99.6 1996 156.9 1984 103.9 1997 160.5 2009 1985 107.6 1998 163.0 2010 109.6 1999 166.6 2011 1986 1987 113.6 2000 172.2 2012 1988 118.3 195.3 201.6 207.3 2008 215.3 214.5 218.1 224.9 229.6
Calculating inflation using a simple price index Consider a fictional price index, the college student Price index (CSPI), based on a typical college students annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2010, 2011, and 2012. the cost of each item in the basket and the total cost of the basket are shown for 2010. Perform these same calculations for 2011 and 2012, and enter the results in the following table. 2010 2011. 2012 Quantity in baskets Notebooks 10 Calculators 1 Large coffees 150 Energy drinks 50 Textbooks. 10 Total cost. 5 Price index 5 2010. 2011. 2012 Price. Cost. Price Cost. Price Cost 5 50 7 11 100 100 110 140 1 150 1 1 2 100 3 4 100 1,000 120 150 5 1,400 5 5 5 100 5 5 Suppose the base year for this price index is 2010. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2010 and 2011, CSPI increased by what percent? Between…
"The cost of an average ticket to a baseball game in 1955 was $2.19. In 2010, the average price of a baseball ticket was $29.61. If the ticket price in 1955 rose at the same rate as inflation, what is the difference in prices between the 1955 ticket price (in 2010 dollars) and the actual ticket price in 2010? Enter your answer as a positive number. Refer to the instructions in the quiz for a link to the CPI table to answer this question."