Question
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
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Rahul Sunny answered 2 years agoRelated Solutions
Econ 1 Price Index (E1PI) Item Quantity in Basket 2011 Price 2012 Price 2013 Price Cartoon...
Econ 1 Price Index (E1PI)
Item
Quantity in Basket
2011 Price
2012 Price
2013 Price
Cartoon Book
1
$10
$12
$12
Blue Book
5
$0.25
$0.50
$1.00
Scantron
5
$0.10
$0.15
$0.25
Calculator
1
$4
$5
$6
The table above shows the market basket for an Econ
1 student. Use this data to calculate the E1PI
Suppose the base year is 2011. What is the value of the price
index in 2011?
Suppose the base year is 2011. What is...
Net Exports: 2017 2017 2018 2018 Goods/Services Quantity Price Quantity Price Technology 1,000 $280,000 1,000 $300,000...
Net Exports:
2017
2017
2018
2018
Goods/Services
Quantity
Price
Quantity
Price
Technology
1,000
$280,000
1,000
$300,000
Military Arms
7,000
$20,000
5,000
$25,000
Textiles
845,000
$39.99
750,000
$49.99
Toys
900,000
$18.99
925,000
$19.99
Total
Calculate the Nominal GDP for 2017.
Calculate
the Real GDP with a base year of 2017.
What is the GDP Deflator?
What is the economy experiencing?
Product Quantity 2017 Price 2017 Quanity 2018 Price 2018 Meat 100 $10 120 $12 Potatoes...
Product
Quantity 2017
Price
2017
Quanity
2018
Price
2018
Meat
100
$10
120
$12
Potatoes
200
$2
180
$3
Assume the base year is given as 2017 and the market basket for
the consumer price index has two products–meat and potatoes–with
the values in 2017 and 2018 for price and quantity given by the
table above. The Consumer Price Index for 2018 equals
2)
If the price index in an certain economy rises in three
consecutive years from 100...
Price (RM) Quantity demanded (tonnes) Quantity supplied (tonnes) 1 90 30 2 75 45 3 60...
Price (RM)
Quantity demanded (tonnes)
Quantity supplied (tonnes)
1
90
30
2
75
45
3
60
60
4
45
75
5
30
90
6
15
105
(a) What is the equilibrium price and quantity? [4 marks] (b)
Calculate the revenue received by the seller at equilibrium. [4
marks] (c) Due to medical journals reporting that wheat is good for
health, the quantity demanded is increased by 30 tonnes. (i)
Calculate the new quantity demanded. [2 mark] (ii) What is the...
Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the...
Economic Growth (10 Marks) 2017 2018 Product Quantity Price Quantity Price Backpacks 100 $10 120 $12...
Economic Growth
2017
2018
Product
Quantity
Price
Quantity
Price
Backpacks
100
$10
120
$12
Books
50
$15
40
$20
Using 2017 as a base year, calculate;
1) The GDP deflator
2) Nominal Economic growth
3) Real economic growth
4) Give reasons why Real GDP per capita may overstate the
well-being of a countries inhabitants?
make as per Canadian standards.
Economic Growth (10 Marks) 2017 2018 Product Quantity Price Quantity Price Backpacks 100 $10 120 $12...
Economic Growth
2017
2018
Product
Quantity
Price
Quantity
Price
Backpacks
100
$10
120
$12
Books
50
$15
40
$20
Using 2017 as a base year, calculate;
1) The GDP deflator
2) Nominal Economic growth
3) Real economic growth
4) Give reasons why Real GDP per capita may overstate the
well-being of a countries inhabitants?
This information is available for Pharoah Company for 2017, 2018, and 2019. 2017 2018 2019 Beginning...
This information is available for Pharoah Company for 2017,
2018, and 2019.
2017
2018
2019
Beginning inventory
$ 103,000
$ 319,000
$ 414,500
Ending inventory
319,000
414,500
472,000
Cost of goods sold
892,000
1,120,500
1,306,000
Net sales
1,200,000
1,605,500
1,903,000
Calculate inventory turnover for Pharoah Company for 2017,
2018, and 2019. (Round answers to 2 decimal places,
e.g. 1.52.)
2017
2018
2019
Inventory turnover
Calculate days in inventory for Pharoah Company for 2017, 2018,
and 2019. (Round answers to 1...
Good Quantity Price 2016 Price 2017 Price 2018 A 160 $2.00 $2.40 $2.50 B 100 $3.00...
Good
Quantity
Price 2016
Price 2017
Price 2018
A
160
$2.00
$2.40
$2.50
B
100
$3.00
$3.20
$3.10
C
20
$100.00
$110.00
$120.00
Calculate the cost of living for each year.
Calculate the CPI for each year taking 2016 as the base
year.
Calculate the inflation rate for each year.
1. Use the following information and answer the following: Product Price 2019 Quantity 2019 Price 2020 Quantity...
1. Use the following
information and answer the following:
Product
Price 2019
Quantity 2019
Price 2020
Quantity 2020
Food
$10
1,000
$12
1,200
Clothing
$40
400
$48
500
Education
$100
600
$120
120
Health care
$200
300
$240
360
a. Nominal GDP for 2019 and
2020.
b. Assume 2019 is the base
year and calculate the price index for 2020.
c. Real GDP for
2020.
d. Nominal and real rate of
growth of GDP.
e. Inflation rate between
2019 and 2020.
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