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 Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent S0.50 S0.75 Apples Bananas Grapes Raspberries 1 Total 10 $0.85 S0.88 12 $0.20 S0.25 S0.25 S0.29 S0.65 S0.70 S0.90 S0.95 $2.00 1.9 2.05 2.13 $2.13

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 Amount Amount Amount Amount Price Price Price Price Spent Spent Spent Spent S0.50 S0.75 Apples Bananas Grapes Raspberries 1 Total 10 $0.85 S0.88 12 $0.20 S0.25 S0.25 S0.29 S0.65 S0.70 S0.90 S0.95 $2.00 1.9 2.05 2.13 $2.13

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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Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What is the amount spent each year on the basket of fruit with the quantities shown in column 2?
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 Amount Spent Price Price Amount Price Amoun Amount Price Spent t Spent Spent Apples Bananas $0.50 $0.20 $0.65 $2.00 10 $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 2.05 $0.88 $0.29 $0.95 12 Grapes Raspberries 1 Total Price Index Inflation 2. 1.9 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004. Who in an economy is the big winner from inflation and why?
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