ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2018 and 2019. The table shows the results of the survey. It shows the items that consumers buy and their prices. 2018 2019 Item Quantity Price Quantity Price The Statistics Bureau fixes the reference base year as 2018. Burgers 30 $1 35 $1 Chicken 35 $4 25 $6 Calculate the CPI in 2019 if the CPI basket contains the 2019 quantities. The CPI in 2019 if the CPI basket contains the 2019 quantities is >>> Answer to 1 decimal place. Question Viewer Enter your answer in the answer box. MacBook Air DII DD F11 F10 000 000 888 F9 80 F7 F8 F6 F5 F4 F3 esc F2 F1 & % ! @ 6 7 8 2 3 4 5 1 | P Y U Q W E R tab K 云 00 %24arrow_forwardFor the next question assume that consumers in an economy only purchase two products, tablets and sushi. The following table provides the quantities purchased in the base year, 2007, and prices in 2007 and 2018. Base Year Price Product Quantity (2007) 2018 Price Tablets 10 25 50 Sushi 40 10 15 The CPI in 2018 is Base Year Price Product Quantity (2007) 2018 Price Tablets 10 25 50 Sushi 40 10 15 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 159.1 133.3 169.2 d 142.9arrow_forwardA typical family on Sandy Island consumes only juice and cloth. Last year, which was the base year, the family spent $40 on juice and $20 on cloth. In the base year, juice was $4 a bottle and cloth was $5 a length. This year, juice is $8 a bottle and cloth is $2.5 a length. Calculate a. The CPI basket. b. The CPI in the current year. c. The inflation rate in the current year. I'm not sure if the final answer is 50 or -50, please help by showing the steps. Don't answer by pen paper and don't use chatgpt otherwise we will give dounvotearrow_forward
- The CPI in 2021 equals _______. A. 51.4 B. 100.0 C. 74.0 D. 194.7 Screenshottedarrow_forwardK The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows market basket quantities and prices for the base year (Year 1) and in the following year. Product Pizza Base Year (Year 1) Quantity Price in the Price in Base Year Year 2 20 $2.50 $3.13 T-Shirts 4 $10.00 $9.00 Rent 1 $450.00 $495.00 In Year 1, the CPI for the economy is (Round both answers to one decimal place.) In Year 2, the CPI for this economy isarrow_forwardNotebooks Calculators Large coffees Energy drinks Textbooks Total cost Price index Quantity in Basket 10 1 300 75 8 Price Cost (Dollars) (Dollars) 3 30 75 75 600 150 720 NN 90 Suppose the base year for this price index is 2017. Between 2017 and 2018, the CSPI increased by 2017 1,575 100 Price (Dollars) 3 80 2 4 110 2018 Cost (Dollars) In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Price (Dollars) 4 104 2 5 120 % Between 2018 and 2019, the CSPI increased by 2019 Cost (Dollars) % Which 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 all that apply. A new type of personal transporter, which made it easier to get around places like university campuses, became available for purchase. Professors required each student to buy 10 notebooks, regardless of the price. As the price of energy drinks increased relative to the price of coffee between 2017…arrow_forward
- please help mearrow_forwardK Quantity Price Price Item (2011) (2011) (2012) Salt 2 $1.00 $2.00 Bread 20 $2.50 $3.00 The data in the table above shows the consumption by families in a small (poor) economy. The families salt and bread. The reference base period is 2011. The CPI in 2012 is OA. 23.1 B. 18.8 O c. 100. 00 D. 123.1 e Time Remaining: 00:57:50arrow_forwardIn the country of Gastronamia, the CPI is calculated using a market basket consisting of 6 apples, 5 loaves of bread, 4 robes, and 3 gallons of gasoline. The per-unit prices of these goods have been as follows: Year 2008 2009 2010 2011 Apples $1.00 $1.00 $2.00 $3.00 Bread $2.00 $1.50 $2.00 $3.00 Robes $10.00 $9.00 $11.00 $15.00 Gasoline $1.00 $1.50 $2.00 $2.50 Using 2009 as the base year, determine the following: places.) (Round all to two decimal 2008 CPI: 2009 CPI: 2010 CPI: 2011 CPI: 2009 Inflation rate: 2010 Inflation rate: 2011 Inflation rate:arrow_forward
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