ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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subject:economic

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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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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