Question
In: Economics
The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows...
The monthly market basket for consumers consists of pizza, t-shirts, and rent.
The table below shows market basket quantities and prices for the base year (Year 1) and in the following two years.
|
Product |
Base Year (Year 1) Quantity |
Price in the Base Year |
Price in Year 2 |
Price in Year 3 |
|
Pizza |
10 |
$3.00 |
$3.75 |
$4.05 |
|
T-Shirts |
4 |
$25.00 |
$22.50 |
$26.25 |
|
Rent |
1 |
$400.00 |
$440.00 |
$520.00 |
The inflation rate between Year 1 and Year 2 is
nothing%.
(Round
both answers to one decimal
place.)
The inflation rate between Year 2 and Year 3 is
nothing%.
Solutions
Expert Solution
Inflation rate between year 1 and year 2 is 7.08 %
Inflation rate between year 2 and year 3 is 9.52%
where,
CPI = Cost of basket in year 2 / Year 1 * 100
inflation rate = CPI in year 2 / CPI in year 1 - 1 * 100
| Year | CPI | Inflation rate |
| 1 | 100 | - |
| 2 | 107.08 | 7.08 |
| 3 | 117.27 | 9.52 |
Rahul Sunny answered 2 years agoRelated Solutions
The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows...
The monthly market basket for consumers consists of pizza,
t-shirts, and rent. The table below shows market basket
quantities and prices for the base year (Year 1) and in the
following two years. Product Base Year (Year 1) Quantity Price in
the Base Year Price in Year 2 Price in Year 3 Pizza 20 $3.50
$4.38 $4.55 T-Shirts 3 $20.00 $18.00 $20.00 Rent 1 $350.00
$385.00 $437.50 The inflation rate between Year 1 and Year 2 is
nothing%. (Round...
In an imaginary economy, consumers buy only shirts and pants. The fixed basket consists of 6...
In an imaginary economy, consumers buy only shirts and pants.
The fixed basket consists of 6 shirts and
4 pairs of pants.
Year
Price of a pair of pant
Price of shirt
2018
$30
$20
2019
$40
$25
Use 2018 as the base year.
Determine the cost of the basket for 2018 and 2019.
Calculate the consumer price index for 2018 and 2019.
Determine the inflation rate and interpret the result.
Explain two other use of the consumer price index.
The table below shows this market basket and the price of each good in 2015 and...
The table below shows this market basket and the price of each
good in 2015 and 2016. For the questions below, assume that 2015 is
the base year.
2015
2016
Good
Quantity
Unit price
Unit price
Textbooks
7
$180.00
$210.00
Pizza
9
12.00
10.00
Beer
12
10.00
12.00
Compute the CPI in 2016 and the inflation rate between 2015 and
2016.
Suppose in 2016, you buy 10 textbooks instead of 7, will your
answers in (a) and (b) change? Explain...
The frequency distribution table given below shows the monthly consumption of electricity of 68 consumers of...
The frequency distribution table given
below shows the monthly consumption of electricity of 68 consumers
of a locality.
Monthly Consumption
Number of Consumers
65 – 85
4
85 – 105
5
105 – 125
13
125 – 145
20
145 – 165
14
165 – 185
8
185 – 205
4
Total
68
Calculate the following:
Mean
Mode
Median
Quartile 1
Quartile 3
Inter Quartile
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Selma produces t-shirts. From the consumers' perspective, her t-shirts are not different from t-shirts offered by...
Selma produces t-shirts. From the consumers' perspective, her
t-shirts are not different from t-shirts offered by other sellers.
Selma sells her t-shirts at the going market price of $8 per
t-shirt. Her total variable cost is $25 when she produces four
t-shirts and $32 when she produces five t-shirts. Her total fixed
cost is $20. What is Selma's marginal revenue from selling the
fifth t-shirt? Question 36 options: $8 $10.40 $12 $7 ..
The table below shows the quantity of pizza that can be produced in an hour at...
The table below shows the quantity of pizza that can be
produced in an hour at a pizza restaurant, depending on how many
workers are working. For example, with one worker, the restaurant
can produce 13 pizzas in an hour. Show all your calculations for
full credit.
Number of employees
Total Product
Marginal Product
Fixed Cost
Variable Cost
Total Cost
Marginal Cost
Average Cost
0
0
-
-
-
1
13
2
25
3
35
4
41
5
42
Define...
The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town...
The accompanying table shows the price and yearly quantity sold
of souvenir T-shirts in the town of Crystal Lake according to the
average income of the tourists visiting.
price of t-shirt
Quantity of t-shirts demanded when average
tourist income is 20,000
Quantity of t-shirts demanded when average
tourist income is 30,000
$4
3,000
5,000
$5
2,400
4200
$6
1,600
3000
$7
800
1000
(a) Using the midpoint method, calculate the price elasticity of
demand when the price of a T-shirt...
The table above shows the production and cost schedule for producing t-shirts. Each worker is paid...
The table above shows the production and cost schedule for
producing t-shirts. Each worker is paid $250 per day and the total
fixed cost of capital is $1000. T-shirts can be sold at a local
store for $15.
Workers
Quantity of Production
Fixed Cost
Variable Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average
Marginal Cost
Total Cost
0
0
1
20
2
60
3
140
4
200
5
240
6
260
7
268
8
272
Use this information...
The following contingency table shows the number of two-bedroom apartments grouped by monthly rent and location....
The following contingency table shows the number of two-bedroom
apartments grouped by monthly rent and location.
Monthly
Rent York
Lancaster
Dover
Total
$600 to under
$700
6
15
9
30
$700 to under
$800
30 21 24
75
$800 to under
$900 15 18 12 45
Total
51 54 45 150
The probability that a randomly selected apartment from this group
has a monthly rental from $700 to under $800 or is located in
Lancaster is ________.
0.59
0.72
0.85
0.63
The table below shows monthly sales (in thousands) of different kinds of chocolate at a confectionary...
The table below shows monthly sales (in thousands) of different
kinds of chocolate at a confectionary store. Assume monthly sales
are normally distributed and share the same variance.
Month
Milk Chocolate
White Chocolate
Dark Chocolate
January
9
7
9
February
8
6
9
March
8
7
10
April
10
9
6
Without using excel or any other
technological tool, use ANOVA to test, at the 5% significance
level, the hypothesis that all three chocolates sell equally on
average.
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