Please solve weeks 1 and 2 percentage of the CPI market basket. The table shows the quantities of the goods Suziebought and the prices she paid during two consecutiveweeks.Suzie's CPI market basket contains the goods shebought in Week 1.Week 2Calculate the cost of Suzie's CPI market basket in Week Item1 and in Week 2.CoffeeWhat percentage of the CPI market basket is gasoline?Calculate the value of Suzie's CPI in Week 2 and herinflation rate in week 2.The cost of her CPI market basket in Week 2 is $ 113.75>>> Answer to 2 decimal places.Week 1ItemCoffeeBooksGasolineThe cost of Suzie's CPI market basket in Week 1 is $111.25.>>> Answer to 2 decimal places.Gasoline is>>> Answer to 1 decimal place.percent of the CPI market basket.BooksGasolineConcertQuantity15 cups130 gallonsQuantity15 cups220 gallons1 ticketPrice$2.25 a cup$25.00 each$1.75 a gallonPrice$2.25 a cup$12.50 each$2.25 a gallon$95 each

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ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 4.8P

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Question 17 One problem with the CPI is the "substitution bias," which refers to consumers buying more of a good that has become cheaper and less of a good that has become more expensive. Assume that consumers consider Pepsi and Coke to be substitutes, so that when the price of Coke increases, consumers purchase less Coke and more Pepsi. When the CPI is calculated following the increase in the price of Coke, the substitution bias causes the CPI to O understate inflation since both the increase in the price of Coke and the increase in the amount of Pepsi purchased enter the CPI calculation O understate inflation since only the decrease in the price of Pepsi enters the CPI calculation O overstate inflation since both the increase in the price of Coke and the decrease in amount of Coke purchased enter the CPI calculation overstate inflation since only the increase in the price of Coke enters the CPI calculation
OC. The statement does not make sense. The value of a penny is always 1 cent. OD. The statement does not make sense. Due to inflation, a penny in the 18th century has less purchasing power than a penny today. The average price of tuition and fees at public 4-year colleges and universities increased from $1,700 in 1988 to $6,800 in 2009. Calculate the relative change in price from 1988 to 2009 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average Annual Consumer Price Index (CPI) (1982 - 1984=100) Year CPI Year CPI Year CPI 1989 124.0 2001 177.1 1990 130.7 2002 179.9 1991 136.2 2003 184.0 140.3 2004 144.5 2005 1994 148.2 2006 201.6 1995 152.4 2007 207.3 1996 156.9 2008 215.3 103.9 1997 160.5 2009 214.5 107.6 1998 163.0 2010 218.1 1986 109.6 1999 166.6 2011 224.9 113.6 2000 172.2 2012 229.6 1976 56.9 1977 60.6 Average tuition and fees in public 4-ycar colleges and universities increased by %. (Round to the nearest integer as needed.) 1978 65.2…
The table shows the quantities of the goods Suzie bought and the prices she paid during two consecutive weeks. Suzie's CPI market basket contains the goods she bought in Week 1. Calculate the cost of Suzie's CPI market basket in Week 1 and in Week 2. What percentage of the CPI market basket is gasoline? Calculate the value of Suzie's CPI in Week 2 and her inflation rate in week 2. The cost of her CPI market basket in Week 2 is $ 95.75. >>> Answer to 2 decimal places. Gasoline is 36.3 percent of the CPI market basket. >>> Answer to 1 decimal place. Week 1 Item The cost of Suzie's CPI market basket in Week 1 is $ 103.25. >>> Answer to 2 decimal places. The value of Suzie's CPI in Week 2 is >>> Answer to 1 decimal place. Coffee Books Gasoline Week 2 Item Coffee Books Gasoline Concert Quantity 13 cups 1 15 gallons Quantity 13 cups 2 5 gallons 1 ticket Price $2.75 a cup $30.00 each $2.50 a gallon Price $2.75 a cup $15.00 each $3.00 a gallon $95 each
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?
The table shows the quantities of the goods Suzie bought and the prices she paid during two consecutive weeks. Suzie's CPI market basket contains the goods she bought in Week 1. Calculate the cost of Suzie's CPI market basket in Week 1 and in Week 2. What percentage of the CPI market basket is gasoline? Calculate the value of Suzie's CPI in Week 2 and her inflation rate in week 2. The cost of Suzie's CPI market basket in Week 1 is $ >>> Answer to 2 decimal places. m Week 1 Item Coffee Books Gasoline Week 2 Item Coffee Books Gasoline Concert Quantity 8 cups 1 25 gallons Quantity 8 cups 4 15 gallons 1 ticket Price $4.00 a cup $25.00 each $2.00 a gallon Price $4.00 a cup $12.50 each $2.50 a gallon $95 each
The table shows the quantities of the goods Suzie bought and the prices she paid during two consecutive weeks Suzie's CPI market basket contains the goods she bought in Week 1. Calculate the cost of Suzie's CPI market basket in Week 1 and in Week 2 What percentage of the CPI market basket is gasoline? Caledets th Simiala inte has indutin na nat Week 1 Item Coffee Books Gasoline Week 2 Hem Coffee Banke Quantity 15 cups 1 20 gallons Quantity 15 cups 2 Price $2.25 a cup $25.00 each $2.25 a gallon Price $2.25 a cup €1350 wach
QUESTION 3 When a good gets better from one year to the next, the CPI has a what is called O quality change bias. outlet substitution bias. O magnitude of change bias. new goods bias. O commodity substitution bias.
The table below pertains to Studious, an economy in which the typical consumer’s basket consists of 5 books and 10 calculators. Year Price of Books Price pf Calculator 2010 $24 $8 2011 $30 $12 2012 $32 $15 - Referring to the above table compute the followings: A- The cost of the basket. B- The consumer price index. C- The inflation rate in 2012.
The following table lists the per gallon prices of gas and milk for the months of April, May, and June. Assume that the typical consumer buys 60 gallons of gas and 4 gallons of milk each month, and that April is the base period. What is the consumer price index for May?
The information in the table identifies a market basket purchased by the average urban consumer, and the prices of the goods in two different years. The base year is 2015. Item Market Basket Price 2015 Price 2016 Movie tickets 4. $10 $13 Bags of $5 $8 poрcorn Drinks of soda 4. $4 $6 Calculate the consumer price index for 2016. Enter a number rounded to two decimal places. ASUS
Which of the following statements is INCORRECT about the consumer price index? Question 5Answer a. It captures the weight or importance of the different goods and services in the basket chosen b. It measures the changes in the quantity of the typical goods and services that households consume c. It measures the changes in the prices of the typical goods and services that households consume d. It is a measure of inflation
Table 24-3 The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. 10. Refer to Table 24-3. Calculate the cost of a basket of goods for each month. 11. Refer to Table 24-3. Calculate the consumer price index for February and March. 12. Refer to Table 24-3. Calculate the inflation rate for February.

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