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In: Economics

Item Quantity in Basket 2017 Price 2018 Price 2019 Price Bathing suits 4 $50 $60 $75...

Item

Quantity in Basket

2017 Price

2018 Price

2019 Price

Bathing suits

4

$50

$60

$75

Snorkel gear sets

2

$150

$160

$175

Surfboards

3

$400

$450

$525

Sunscreen

8

$11

$12

$12

The table above shows the market basket for a beach lover. Use this data to calculate the Beach Lover Price Index (BLPI).

Suppose the base year is 2017. What is the value of the price index in 2017? Show Work, please.
Suppose the base year is 2017. What is the value of the price index in 2018? Show Work, please.
Suppose the base year is 2017. What is the value of the price index in 2019? Show Work, please.

What is the rate of inflation from 2018 to 2019? Show Work, please.
Suppose a beach lover’s wage is $25 per hour in 2017 and $27 per hour in 2019. In which year is this beach lover earning more in real terms? Show Work, please.

Solutions

Expert Solution

i hope this would help you..if you like the work please appreciate thank you !

Rahul Sunny answered 2 years ago
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