With the information in the picture identify the determinant(s) and explain the shift in market equilibrium

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter4: Labor And Financial Markets
Section: Chapter Questions
Problem 31P: Table 4.6 shows the amount of savings and barrowing in a market for loans lo purchase homes,...
icon
Related questions
Question
With the information in the picture identify the determinant(s) and explain the shift in market equilibrium.
09
Twenty/20
Consumers are paying a little bit more for
just about everything than they did a month
ago, and significantly more than they did for
the same goods in 2020.
The consumer price index, which measures
changes in how much Americans pay for
certain goods and services, rose 0.4% in
September, the Labor Department reported
Wednesday, driven largely by increases in
food, shelter and gasoline. Year-over-year,
prices increased 5.4%, the largest jump since
January 1991.
It's a continuation of an inflationary trend
consumers have experienced for nearly all of
2021. Here's how much prices have increased
over the past year in key categories,
according to the Labor Department:
• Rental cars: 42.9%
• Gas: 42.1%
• Used cars: 24.4%
• Hotels: 18%
• TVs: 12.7%
• Furniture: 11.2%
Transcribed Image Text:09 Twenty/20 Consumers are paying a little bit more for just about everything than they did a month ago, and significantly more than they did for the same goods in 2020. The consumer price index, which measures changes in how much Americans pay for certain goods and services, rose 0.4% in September, the Labor Department reported Wednesday, driven largely by increases in food, shelter and gasoline. Year-over-year, prices increased 5.4%, the largest jump since January 1991. It's a continuation of an inflationary trend consumers have experienced for nearly all of 2021. Here's how much prices have increased over the past year in key categories, according to the Labor Department: • Rental cars: 42.9% • Gas: 42.1% • Used cars: 24.4% • Hotels: 18% • TVs: 12.7% • Furniture: 11.2%
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Demand and Supply Curves
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning