5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2? Items Qty. 2001 2002 2003 2004 Price Amount Amount Amoun Amount Spent Price Spent Price t Spent Price Spent Apples $0.50 $0.20 $0.65 $2.00 10 $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Bananas 12 Grapes Raspberries Total 2 1 1.9 2.05 2.13 Price Index Inflation Rate for a "fruit basket" in each year using 2003 as the base year. b) Construct the price c) Compute the inflation rate for fruit prices from 2001 to 2004.
5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of fruit with the quantities shown in column 2? Items Qty. 2001 2002 2003 2004 Price Amount Amount Amoun Amount Spent Price Spent Price t Spent Price Spent Apples $0.50 $0.20 $0.65 $2.00 10 $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Bananas 12 Grapes Raspberries Total 2 1 1.9 2.05 2.13 Price Index Inflation Rate for a "fruit basket" in each year using 2003 as the base year. b) Construct the price c) Compute the inflation rate for fruit prices from 2001 to 2004.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 1SCQ: Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What...
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