Market Basket 1990 (Base Year) 2010 2011 Product Quantity Price Price Price A B C D 8 12 21 16 If your answer is not a whole number, round to two decimal places. What is the cost of the market basket in 1990? $ $4 $6 $7 $6 $9 $9 $7 $9 $10 $10 $14 $13 A What is the cost of the market basket in 2010? $ A What is the cost of the market basket in 2011? $ What is CPI in 1990? A

Market Basket 1990 (Base Year) 2010 2011 Product Quantity Price Price Price A B C D 8 12 21 16 If your answer is not a whole number, round to two decimal places. What is the cost of the market basket in 1990? $ $4 $6 $7 $6 $9 $9 $7 $9 $10 $10 $14 $13 A What is the cost of the market basket in 2010? $ A What is the cost of the market basket in 2011? $ What is CPI in 1990? A

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 21RQ: What is the difference between the supply and the quantity supplied of a product, say milk? Explain...

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Use the midpoint method of calculating percentage changes in this question. Heidi used to bake and sell 3 custom cakes each week when the price of cake was $35. Now that the price has increased to $45, she bakes and sells 5 cakes. What was the 'percentage change' in quantity supplied of cakes for Heidi? %. Is this 'percentage change' positive or negative? What was the 'percentage change' in price of cakes? %. Is this 'percentage change' positive or negative? What was Heidi's price elasticity of supply? (round to 2 decimal places] Is this considered 'elastic', 'inelastic', or 'unit elastic'?
Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit Submit
12. Fill in the blank
Biff spends his entire weekly income on gallons of drinking water and bags of cat food. The diagrams below show Biff's actual quantity- demanded of water and quantity-demanded of cat food last week: Pwater (gallon) Pcatfood (bags) 7 6 6 5 4 3 3 1 123.45 67 89 10 11 12 13 14 15 1 2 3 5 6 7 8 9 4 10 Qwater (gallons) Qcatfood (bags) Use the information in the diagrams to draw Biff's budget line and indifference curve diagram representing how Biff chose his optimal bundle last week. Be sure to label all curves and important points in your diagram, and also the axes. Be sure to a) explain what each curve and important point represents about Biff. At the optimal bundle you show in the diagram you drew for part a), what is the ratio between Biff's MU of a gallon of water and his MU of a bag of cat food? In other words, what is the value of the following fraction, and how do you know this? b) MUwater MUcat food
explain in detail with the help of graph ? Does the sales tax affect the consumers with price increase ?
LGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24
Table 24-5The table below pertains to Wrexington, an economy in which the typical consumer’s basket consists of 20 pounds of meat and 10 toys. Year Price ofMeat Price of aToy 2004 $3 per pound $2 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5. The cost of the basket Group of answer choices increased from 2004 to 2005 and increased from 2005 to 2006. increased from 2004 to 2005 and decreased from 2005 to 2006. decreased from 2004 to 2005 and increased from 2005 to 2006. decreased from 2004 to 2005 and decreased from 2005 to 2006.
$4 A C D D2 Number of pizzas per month D3 Figure A 1. Refer to Figure A. The movement from point A to point C reflects: A A) a decrease in the price of pizza. B) an increase in the demand for pizza. C) an increase in the number of people who eat pizza. D) an increase in the price of the tomato sauce used to produce pizza. Price of pizza
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.
The following graph shows the monthly demand and supply curves in the market for tote bags. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per tote bag) 80 72 64 58 48 40 32 24 16 8 0 X 0 50 100 150 200 250 QUANTITY (Tote bags) Supply 300 350 400 450 500 The equilibrium price in this market is $ Demand Graph Input Tool Market for Tote bags Price (Dollars per tote bag) Quantity Demanded (Tote bags) per tote bag, and the equilibrium quantity is Price (Dollars per tote bag) Shortage or Surplus 48 32 24 Shortage or Surplus Amount (Tote bags) 500 Quantity Supplied (Tote bags) Pressure tote bags per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether…
5. a) 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 frult with the quantities shown in column 2? 2003 Items Qty. 2001 2002 2004 Amount Amount Amoun Price Amount Price Price Price t Spent Spent Spent Spent $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Apples 10 $0.50 $0.20 $0.5 $2.00 12 2. Grapes Raspberries 1 Total Price Index Inflation 2.05 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004.
A. Keeping all other factors constant, graphically show the effects of the following on the demand for sugar. Below each graph, indicate whether there is an increase or decrease in demand/quantity demanded. 1. The population expects that there will be 2. The price of coffee goes up shortage of sugar one month from now 3. The population consumes more nutrasweet (a sugar substitute) 4. The price of sugar goes down