Question
In: Economics
The following table reports the average prices of gasoline and apples, as well as the consumer...
- The following table reports the average prices of gasoline and apples, as well as the consumer price index for three years.
|
Gasoline (price per pound) |
Red Delicious Apples (Price per Pound) |
Consumer Price Index 1982 -1984 =100) |
|
|
1995 |
$1.15 |
$0.83 |
152.4 |
|
2005 |
$2.30 |
$0.95 |
195.3 |
|
2015 |
$2.45 |
$1.36 |
237.0 |
- What was the percentage increase in the price of gasoline from 1995 to 2015? ______%
- What was the percentage increase in the price of apples from 2005 to 2015? ______%
- Did the relative price of gasoline rise or fall from 1995 to 2005? That is what was the percentage increase in gasoline prices higher or lower than the percentage increase in the CPI?
- Lower
B Higher
- Did the relative price of gasoline rise or fall from 2005 to 2015?
- Fall
- Rise
- Did the relative price of apples rise or fall from 1995 to 2005?
A. Fall
B Rise
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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Salvatore Chapter
6 Appendix Problem 3 (p.261)
Time
CPI
forecast(w=0.3)
(A-F)^2
forecast(w=0.7)
(A-F)^2
Jan-98
161.0
166.63
166.63
Feb-98
161.1
164.94
Mar-98
161.4
163.79...
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Quantity
Unit Price ($)
Item
2009
2011
2009
2011
A
1,500
1,800
7.50
7.15
B
4
2
650.00
1,500.00
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Item
Price Relative
A
B
(b) Compute an unweighted aggregate price index for the two
items in 2011 using 2009 as the base period....
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round...
The following table reports prices and usage quantities for two
items in 2009 and 2011. (Round your answers to the nearest
integer.)
Quantity
Unit Price ($)
Item
2009
2011
2009
2011
A
1,500
1,600
7.50
7.45
B
2
1
650.00
1,500.00
(a)Compute price relatives for each item in 2011 using 2009 as
the base period.
Item
Price Relative
A
?
B
?
(b) Compute an unweighted aggregate price index for the two
items in 2011 using 2009 as the base...
The following table reports prices and usage quantities for two items in 1989 and 2001 Quantity...
The following table reports prices and usage quantities for two
items in 1989 and 2001
Quantity
Unit Price
Item
1989
2001
1989
2001
A
1500
1800
7.5
7.75
B
2
1
630
1500
Compute price relatives for each item in 2001using 1989 as the
base period
Compute an unweighted aggregate price index for the two items
in 2001using 1989 as the base period
Compute a weighted aggregate price index for the two items
using the Laspeyre’s method.
Compute a weighted...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price
per gallon (in cities) and the cost of a barrel of oil are shown
below for a random selection of weeks in
2015
.
Oil (
$
)
Gasoline (
$
)
55.78
2.654
41.96
2.269
52.08
2.445
57.28
2.710
58.15
2.805
67.59
3.071
The correlation coefficient for the data is
=r0.978
and
=α0.01
. Should regression analysis be done?
The regression
analysis should not be done.
The regression
analysis should be...
Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price per gallon (in
cities) and the cost of a barrel of oil are shown below for a
random selection of weeks in 2015. Oil ($) Gasoline ($) 55.78 2.654
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Oil and Gas Prices The average gasoline price per gallon (in cities) and the cost of...
Oil and Gas Prices The average gasoline price
per gallon (in cities) and the cost of a barrel of oil are shown
below for a random selection of weeks from 2015.
Oil
$47.79
$44.62
$81.08
$43.67
$40.58
$48.64
Gasoline
2.638
2.636
2.944
2.528
2.623
2.682
1) The correlation coefficient for the data is r =
0.951 and a = 0.01. Should regression analysis be
done?
a) The regression analysis should not be done or b) The
regression analysis should be...
Suppose you are the following data on prices and quantities transacted: Prices (EUR) Apples Pears Petrol...
Suppose you are the following data on prices and quantities
transacted:
Prices
(EUR)
Apples
Pears
Petrol
2006
1.0
2.0
5.0
2007
1.0
3.0
6.0
Quantities
Apples
Pears
Petrol
2006
300
100
50
2007
400
150
40
If the economy produced all three (and only these three) goods,
compute the nominal GDP in both periods and real GDP at 2006
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Suppose a CPI...
Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...
Suppose a study reports that the average price for a gallon of
self-serve regular unleaded gasoline is $3.76. You believe that the
figure is higher in your area of the country. You decide to test
this claim for your part of the United States by randomly calling
gasoline stations. Your random survey of 25 stations produces the
following prices.
$3.87
$3.89
$3.76
$3.80
$3.97
3.80
3.83
3.79
3.80
3.84
3.76
3.67
3.87
3.69
3.95
3.75
3.83
3.74
3.65
3.95
3.81...
Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline...
Suppose a study reports that the average price for a gallon of
self-serve regular unleaded gasoline is $3.76. You believe that the
figure is higher in your area of the country. You decide to test
this claim for your part of the United States by randomly calling
gasoline stations. Your random survey of 25 stations produces the
following prices.
$3.87
$3.89
$3.76
$3.80
$3.97
3.80
3.83
3.79
3.80
3.84
3.76
3.67
3.87
3.69
3.95
3.75
3.83
3.74
3.65
3.95
3.81...
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