Question
In: Statistics and Probability
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 ($) | |||
|---|---|---|---|---|
| Item | 2009 | 2011 | 2009 | 2011 |
| A | 1,500 | 1,600 | 7.50 | 7.45 |
| B | 2 | 1 | 650.00 | 1,500.00 |
(a)Compute price relatives for each item in 2011 using 2009 as the base period.
| Item | Price Relative |
|---|---|
| A | ? |
| B | ? |
(b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period.
I2011 = ___________.
(c) Compute a weighted aggregate price index for the two items using the Laspeyres method using 2009 as the base period.
I2011 = ___________.
(d) Compute a weighted aggregate price index for the two items using the Paasche method using 2009 as the base period.
I2011 = ____________.
Solutions
orchestra answered 1 year agoRelated Solutions
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round...
The following table reports prices and usage quantities for two
items in 2009 and 2011. (Round your answers to the nearest
integer.)
Quantity
Unit Price ($)
Item
2009
2011
2009
2011
A
1,500
1,800
7.50
7.15
B
4
2
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 period....
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...
The table below shows the prices and quantities of food items that the typical college student...
The table below shows the prices and quantities of food items
that the typical college student purchased from 2011 to 2014. What
is the amount spent each year on the “basket” of food with the
quantities shown in column 2?
Items
Qty
2011 Price
2011 Amount Spent
2012 Price
2012 Amount Spent
2013 Price
2013 amount Spent
2014 Price
2014 amount spent
Bread
10
1.10
1.12
1.15
1.16
Canned Goods
15
0.86
0.87
0.87
0.90
Meat/Dairy
5
3.15
3.75
4.02...
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...
Table 2w The country of Caspir produces only cereal and milk. Quantities and prices of these...
Table 2w
The country of Caspir produces only cereal and milk. Quantities
and prices of these goods for the last several years are shown
below. The base year is 2008.
Prices and Quantities
Year
Price of Cereal
Quantity of Cereal
Price of Milk
Quantity of
Milk
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$4.00
1000
$1.50
1110
2009
$4.00
1500
$2.00
1290
2010
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1600
$2.50
2020
2011
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$3.50
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Refer to Table 2. For 2010, calculate the (1) real GDP and (2)
the...
2.BertrandNow suppose that instead of competing on quantities, the two departments are competingby setting prices following...
2.BertrandNow suppose that instead of competing on quantities,
the two departments are competingby setting prices following the
Bertrand Oligopoly Model. Marginal cost remains the sameand total
market demand for economics degrees is 720.
2.1 What is the Nash-Bertrand equilibrium for this market?Now
suppose that the two departments enter the market for online
degrees with differentiated products. The marginal cost of each
degree drops to $400 for each department. Suppose economics faces a
demand function ofqe= 10000−200pe+ 100pme. Suppose man. econ...
Quantities Produced Prices CDs Tennis Rackets Price per CD Price per Tennis Racket 2011 110 210...
Quantities Produced Prices CDs Tennis Rackets Price per CD Price
per Tennis Racket 2011 110 210 ?$21 ?$100 2012 125 230 ?$25 ?$125
Real GDP in 2011 using 2012 prices is ?$25625 . ?(Enter your
response as an? integer.) Real GDP in 2012 using 2012 prices is
?$31875 . ?(Enter your response as an? integer.) Real GDP grew by
24.39 percent. ?(Enter your response rounded to two decimal?
places.) The price index for GDP for 2012 using 2012 as the...
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
prices. What is the rate of inflation in 2007, as measured by the
change in the GDP deflator?
Suppose a CPI...
Given the following prices and quantities Price (per kg) Quantities produced 2008 2013 2018 2008 2013...
Given the following prices and quantities
Price (per kg)
Quantities produced
2008
2013
2018
2008
2013
2018
Milk
3.95
3.89
4.13
675
717
436
Cheese
61.50
62.20
59.70
117
115
115
butter
34.50
35.40
38.90
77
74
82
Compute and interpret the Laspeyres price index number for the
year 2018 with 2008 as base.
Compute the interpret the Paasche’s price index number for the
year 2018 with 2008 as base
1. Following is the schedule of quantities that would be supplied and demanded at various prices...
1. Following is the schedule of quantities that would be
supplied and demanded at various prices for oranges. Price Quantity
Demanded Quantity Supplied $10.00 200 600 9.00 250 550 8.00 300 500
7.00 350 450 6.00 400 400 5.00 450 350 4.00 500 300 3.00 550 250
2.00 600 200
a. Graph the supply and demand curves. Identify the market
equilibrium price.
b. If 40% of the orange crop is lost due to bad weather, show
the impact on the...
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