The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%. Hotdogs Cans of Cola Chocolate bars Magazines Movies Prices ($) 2019 3.40 1.65 1.00 5.25 5.00 2020 3.58 1.60 1.00 6.25 4.75 Quantities (# consumed per month) 2020 2 27 7 2019 3 25 7 3 2 a. The value of Student A's 2019 shopping basket using 2019 prices is $[ 2 3 The item weights associated with this shopping basket are magazines, and for movies. b. The value of Student A's 2019 shopping basket using 2020 prices is $ If 2019 is used as the base year, the 2020 value of Student A's price index is [ With 2019 as the base year this index has changed by % between 2019 and 2020. for hotdogs. for cola. for chocolate bars, and the 2019 value of this index is then for
The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%. Hotdogs Cans of Cola Chocolate bars Magazines Movies Prices ($) 2019 3.40 1.65 1.00 5.25 5.00 2020 3.58 1.60 1.00 6.25 4.75 Quantities (# consumed per month) 2020 2 27 7 2019 3 25 7 3 2 a. The value of Student A's 2019 shopping basket using 2019 prices is $[ 2 3 The item weights associated with this shopping basket are magazines, and for movies. b. The value of Student A's 2019 shopping basket using 2020 prices is $ If 2019 is used as the base year, the 2020 value of Student A's price index is [ With 2019 as the base year this index has changed by % between 2019 and 2020. for hotdogs. for cola. for chocolate bars, and the 2019 value of this index is then for
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 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...
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subject:economic
Transcribed Image Text:The table below details Student A's monthly purchases during 2019 and 2020. Answer the following questions writing out dollars and
cents for monetary values e.g. $1.00, item weights to two decimal places e.g. 0.10, price index values as whole numbers without
decimals, e.g. 110, and percentages to one decimal place e.g. 1.0%.
Hotdogs
Cans of Cola
Chocolate bars
Magazines
Movies
Prices ($)
2019
3.40
1.65
1.00
5.25
5.00
2020
3.50
1.60
1.00
6.25
4.75
Quantities
(# consumed per month)
2020
2
2019
3
The item weights associated with this shopping basket are
magazines, and [ for movies.
25
7
3
2
a. The value of Student A's 2019 shopping basket using 2019 prices is $1
27
7
2
3
for hotdogs.
for cola,
b. The value of Student A's 2019 shopping basket using 2020 prices is $ [
If 2019 is used as the base year, the 2020 value of Student A's price index is [
With 2019 as the base year this index has changed by [ % between 2019 and 2020.
for chocolate bars,
and the 2019 value of this index is then
for
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