Question
In: Statistics and Probability
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as...
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.
| Seafood | 2000 Qty. (lb) |
2000 Price ($/lb) |
2009 Price ($/lb) |
|---|---|---|---|
| Halibut | 75,290 | 2.01 | 2.43 |
| Lobster | 83,180 | 3.72 | 3.09 |
| Tuna | 50,779 | 1.87 | 1.97 |
(a)
Compute a price relative for each type of seafood. (Round your answers to one decimal place.)
| Seafood | Price Relative |
|---|---|
| Halibut | |
| Lobster | |
| Tuna |
(b)
Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)
I2009 =
Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)
Seafood prices have ---Select--- increased decreased by % over the 9-year period according to the index.
Solutions
orchestra answered 2 years agoRelated Solutions
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as...
Suppose seafood price and quantity data for the years 2000 and
2009 follow. Use 2000 as the base period.
Seafood
2000
Qty. (lb)
2000
Price ($/lb)
2009
Price ($/lb)
Halibut
75,090
2.01
2.33
Lobster
83,280
3.62
3.09
Tuna
50,779
1.87
1.97
(a)
Compute the index number (price relative) for each type of
seafood. (Round your answers to one decimal place.)
Seafood
Price Relative
Halibut
Lobster
Tuna
(b)
Compute a weighted aggregate price index for the seafood catch.
(Round your answer...
ITEM QUANTITY (2009) PRICE (2009) QUANTITY (2010) PRICE (2009) Bananas 20 $1.00 15 $1.00 Cupcakes 30...
ITEM
QUANTITY (2009)
PRICE (2009)
QUANTITY (2010)
PRICE (2009)
Bananas
20
$1.00
15
$1.00
Cupcakes
30
$1.00
45
$0.75
Sushi
10
$10.00
8
$11.00
A Consumer Expenditure Survey in Fancyville shows that people
only consume bananas, cupcakes and sushi. The Consumer Expenditure
Survey for both 2009 and 2010 are in the table above. The base year
is 2009.
What and how much is in the CPI market basket?
What did the CPI market basket cost in 2009? What was the...
2009 2012 2013 Product Quantity Price Quantity Price Quantity Price MP3s 40 $250.00 45 $200.00 50...
2009 2012 2013
Product Quantity Price Quantity Price Quantity Price
MP3s 40 $250.00 45 $200.00 50 $150.00
Tacos 2,000 2.00 2,200 2.25 2,300 2.40
Coats 300 50.00 310 52.00 350 55.00
Consider the data above for a simple economy: Using 2009 as the
base year, calculate nominal GDP, real GDP, and the GDP deflator
for 2013, Growth rate. Show your work
Since real GDP is adjusted for inflation and nominal GDP is not,
nominal GDP must always be higher than...
When the equilibrium price is 30 and equilibrium quantity is 2000. Intercept of Supply curve in...
When the equilibrium price is 30 and equilibrium quantity is
2000. Intercept of Supply curve in the p axis is 10 and intercept
of Demand curve in the p axis is 60. d) Explain why does the
equilibrium quantity maximize the total surplus, com- bined the
graph and formula. e) Explain the free market system versus
government intervention. f) Why do we need consist on market
system. rather than the central planning economy, although the
experiences prove that the market...
Use the uploaded price data to answer the questions that follow. Assume that the S&P 500...
Use the uploaded price data to answer the questions that follow.
Assume that the S&P 500 is the proxy for the market portfolio.
• A: Price data for the American Funds Growth Fund of America
(ticker symbol AGTHX) and S&P 500 is given in the Excel Upload
file. Each month, calculate the excess returns for both AGTHX and
the S&P 500.
• B: Using the excess returns, estimate the fund’s alpha and
beta (assume that the CAPM is the appropriate...
Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost...
Use the cost and revenue data to answer the questions.
Quantity
Price
Total revenue
Total cost
1010
9090
900900
675675
1515
8080
12001200
825825
2020
7070
14001400
10251025
2525
6060
15001500
12501250
3030
5050
15001500
15001500
3535
4040
14001400
18501850
If the firm is a monopoly, what is marginal revenue when
quantity is 2525 ?
MR = $
Not a valid number
tools
x10y
What is marginal cost when quantity is 1515 ?
MC = $
Not a valid number...
Suppose that at a price of $4.50, the quantity of output demanded is 15, and at...
Suppose that at a price of $4.50, the quantity of output
demanded is 15, and at a price of $7.00, the quantity of output
demanded is 10. What is the elasticity of demand? (Ignore the
negative sign.)
please give the answer only.
Suppose that at a price of $4.60, the quantity of output demanded is 17, and at...
Suppose that at a price of $4.60, the quantity of output
demanded is 17, and at a price of $5.40, the quantity of output
demanded is 9. What is the elasticity of demand? (Ignore the
negative sign.)
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.
The table below shows price and quantity data for a hypothetical economy. Quantity Demanded 2018 Prices...
The table below shows price and quantity data for a
hypothetical economy.
Quantity Demanded
2018
Prices 2017
(base year)
Prices
2018 (current
year)
10 kilograms (kg) coffee
$6/kg
$2/kg
10kg tea
$4/kg
$4/kg
Assume that a typical consumer’s food
basket contains only coffee and tea. Moreover, assume that
consumers are completely indifferent between coffee and tea. If the
official “food inflation rate” for 2018 is calculated using a
Paasche index, the substitution bias is demonstrated by the fact
that the...
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