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%

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%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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