The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 70% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes (bottles) per lb $1.17 Year per bottle Produced (Ibs) 2017 77,200 $3.05 34,000 2018 78,300 $3.10 34,900 $1.26 2019 78,900 $3.25 35,600 $1.39 Select one: O a. 0.83% O b. 6.42% O c. 4.88% O d. 5.47% O e. I'll take 2 points O f. 6.00% g. 5.70% O h. 5.13%

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Chapter1: Making Economics Decisions
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The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes.
Assume that 70% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price
level change from 2018 to 2019.
Ketchup
Price of
Price of
Produced
Ketchup
per bottle Produced (Ibs)
Tomatoes
tomatoes
(bottles)
per lb
$1.17
Year
2017
77,200
$3.05
34,000
2018
78,300
$3.10
34,900
$1.26
2019
78,900
$3.25
35,600
$1.39
Select one:
O a. 0.83%
O b. 6.42%
O c. 4.88%
O d. 5.47%
O e. I'll take 2 points
O f. 6.00%
O g. 5.70%
O h. 5.13%
Transcribed Image Text:The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 70% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup per bottle Produced (Ibs) Tomatoes tomatoes (bottles) per lb $1.17 Year 2017 77,200 $3.05 34,000 2018 78,300 $3.10 34,900 $1.26 2019 78,900 $3.25 35,600 $1.39 Select one: O a. 0.83% O b. 6.42% O c. 4.88% O d. 5.47% O e. I'll take 2 points O f. 6.00% O g. 5.70% O h. 5.13%
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