The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes (bottles) per bottle Produced (Ibs) $2.75 per lb $1.38 Year 2017 44,600 29,000 2018 45,900 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49

The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes (bottles) per bottle Produced (Ibs) $2.75 per lb $1.38 Year 2017 44,600 29,000 2018 45,900 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49

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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