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- Now you see what the BLS economist do, except with a more complex basket of goods. Now try to construct an index and determine the inflation rate on your own. The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? (5 points) Items Qty. 2001 2002 2003 2004 Price Amount Spent Price Amount Spent Price Amount Spent Price Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 1.9 2.05 2.13 $2.13 Total Construct the price index for a “fruit basket” in each year using 2003 as the base year. (5 points) Compute the inflation rate…Year 1 2 3 Nominal GDP 4531 4664 Use the information above, calculate X. GDP Deflator 113 Real GDP 4558 GDP Deflator Inflation: Rate (%) 5 0 XThe consumer price index (CPI) is a fixed-weight index. It compares the price of a fixed bundle of goods in one year with the price of the same bundle of goods in some base year. Calculate the price index of a bundle containing 100 units of good X, 150 units of good Y, and 25 units of good Z in 2018, 2019, and 2020. Calculate the percentage change in index between 2018 and 2019 and again between 2019 and 2020. What is rate of inflation/deflation between 2019 and 2020? GOOD QUANTITY CONSUMED 2018 PRICES 2019 PRICES 2020 PRICES X 100 Rs. 10.00 Rs.10.50 Rs. 10.75 Y 150 Rs. 10.50 Rs. 20.00 Rs. 20.00 Z 25 Rs. 30.00 Rs. 30.25 Rs. 30.00 In each case of following cases, does the increase in prices affect CPI, GDP deflator, or both in Pakistan? Analyze and Justify your answer. (Maximum 150 words) The price of imported Belgian chocolate has increased. The price of imported equipment used in industrial level ice-cream production has…
- The attached table gives the purchases of a typical consumer in Colorado Springs. These consumers purchase only restaurant meals and parking. The year 2010 is the reference base period. Is there inflation, deflation, or no change in prices in Colorado Springs from 2010 to 2011?The country of South’s consumer price index was as follows: 2019 2020 132.5 140.3 Required: Determine South’s inflation rate for 2020. 2. Identify two types of people who are hurt when inflation is high, and explain why those types of people are hurt.Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator 2018 410 410 100 2019 1170 585 200 2020 1080 480 225 From 2019 to 2020, nominal GDP (increase or decrease) , and real GDP (increase or decrease) . The inflation rate in 2020 was (-12.5%, 0.1%, 12.5%, 88.9%, 112.5%) .
- a) The following table shows the average market basket prices of an Asian country for several years. Year Market Basket Price ($) 2008 340 2018 420 2019 455 2020 500 I. Using the table above, calculate the Consumer Price index for 2018, 2019 and 2020 if the base year is 2008. II. Based on the above information, calculate the inflation rate in the year 2020 b) The following table shows the national account information of an African Country. Item $(millions) Household Consumption 1,250.00 Depreciation of capital goods 120.00 Factor income received from abroad 580.00 Government investment 824.00 Exports 123.00 Imports 390.00 Factor income paid to abroad 225.00 Gross private domestic investment 594.00 Government Consumption 447.00 Transfer Payments…You are provided the following data regarding an imaginary country. 2019 2020 Commodities Price Quantity Price Quantity A 3 30 25 4 20 5 30 C 20 18 25 25 a) Using the data given above, compute the Nominal and Real GDP for 2019, and 2020. (The base year is 2019) b) Compute the inflation rate for the year 2020 by using the GDP deflator.