QUESTION 29PRODUCTproductXb)productYproductZ1531988price: $2.002,000O c) 1.2O d) 150O e) 200quantity:price: $1.001,000quantity:price:quantity:$5.001,0001989$4.002.500$1.001,500$4.001,000YEAR1990$6.002.000$1.002,50029. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)?O a) 100$2.001,0001991$8.001.500$1.003,000$3.001,000

Price index:PI refers to the change in price based on the basket of goods and services. PI is a…

QUESTION 29 PRODUCT product X product Y product Z 1988 price: $2.00 quantity: 2.000 price: $1.00 quantity: 1,000 price: $5.00 quantity: 1,000 1989 $4.00 2.500 $1.00 1,500 $4.00 1,000 YEAR 1990 $6.00 2.000 $1.00 2,500 $2.00 1,000 1991 $8.00 1.500 $1.00 3,000 $3.00 1,000 29. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 b) 153 O c) 12 d) 150 e) 200

QUESTION 29 PRODUCT product X product Y product Z 1988 price: $2.00 quantity: 2.000 price: $1.00 quantity: 1,000 price: $5.00 quantity: 1,000 1989 $4.00 2.500 $1.00 1,500 $4.00 1,000 YEAR 1990 $6.00 2.000 $1.00 2,500 $2.00 1,000 1991 $8.00 1.500 $1.00 3,000 $3.00 1,000 29. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 b) 153 O c) 12 d) 150 e) 200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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