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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?The following graph shows the approximate value of the U.s. Consumer Price Index (CPI) from September 2004 through November 2005. CPI Sep 2004–Nov 2005 I(t) 202 200 198 196 194 192 190 + 188 →t 14 4 8 10 12 Sep-04 Jan-05 Nov-05 The approximating curve shown on the figure is given by I(t) = -0.005t³ + 0.12t2 – 0.01t + 190 (0 sts 14), where t is time in months since the start of September 2004. (a) Use the model to estimate the monthly inflation rate in January 2005 (t = 4). Recall that the inflation rate is I'(t) (Round your answer to three decimal places.) I(t) % (b) Was inflation slowing or speeding up in January 2005? O slowing down O speeding up (c) When was inflation speeding up? When was inflation slowing? (Use the model to determine this.) Inflation was speeding up prior to --Select--- v 2005 and slowing after --Select--- v 2005.Examine the following information as reported for the foods below in the years 2010 and 2019. 2010 2019 Item Price (S) Quantity Price (S) Quantity Eggs (one dozen) $2.75 27 $3.37 40 Chicken (500 g) $3.20 11 $3.57 7 Bread (675 g) $2.28 18 $2.83 23 a) Compute a simple price index for each of the items, using the year 2010 as the base year. Enter them in the same order as above: Eggs, Chicken, Bread. Round answers to 1 decimal. b) Compute a simple aggregate price index. Use 2010 as the base period. Round to one decimal place. c) Compute the Laspeyres price index for 2019 using 2010 as the base year. Round to one decimal place. d) Determine a value index for 2019, using 2010 as the base year. Round to one decimal place.
- 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?Year Income CPI 2012 2013 62,464 65,692 226.7 230.3 2014 2015 66,899 70,500 233.9 233.7 2016 72,904 236.9 Answer of the following questions using the data in the table above (Show the analysis): a) Provide the adjusted median incomes (convert to 2016 dollars) b) Calculate the mean of the nominal incomes c) Calculate the mean of the adjusted incomes d) Explain the importance of adjusting values for inflation (2-5 sentences)Monthly Consumer Price Index from January 2015 to December 2020 (Source: STATIN) Month 2015 2016 2017 2018 2019 2020 January 85.4 88.6 90.9 95.2 97.4 102.5 February 84.8 87.9 91.1 95.1 97.4 103.2 March 85.3 87.8 91.4 95.0 98.2 102.9 April 85.4 87.5 91.7 94.6 98.3 103.7 May 85.9 87.7 91.8 94.6 99.1 103.8 June 86.3 88.5 92.4 95.0 99.0 105.2 July 87.0 88.9 92.9 95.9 100.0 105.7 August 87.7 89.3 93.2 96.8 100.8 105.9 September 88.1 89.7 93.8 97.9 101.2 106.1 October 88.4 89.9 94.2 98.6 101.8 106.9 November 88.8 90.3 94.7 98.6 103.2 107.6 December 89.0 90.5 95.2 97.6 103.6 109.0 From the Table above: In December 2018, Mr. Logan Hepburn began receiving a salary of $100,000 per month.Up to December 2020, his salary has remained unchanged. What is his ‘‘real wage’’ in December…
- The following graph shows the approximate value of the United States Consumer Price Index (CPI) from December 2006 through July 2007. I(t) CPI Dec 2006–July 2007 209 208 207 206 205 204 203 202 201 1 3 4 5 Dec-06 July-07 O The approximating curve shown on the figure is given by I(t) = -0.04t3 + 0.4t2 + 0.1t + 202 (0 sts 7), where t is time in months since the start of December 2006. I'(t) (a) Use the model to estimate the monthly inflation rate in June 2007 (t = 6). Recall that the inflation rate is I(t) (Round your answer to three decimal places.) (b) Was inflation slowing or speeding up in June 2007? O slowing down O speeding up (c) When was inflation speeding up? When was inflation slowing? Inflation was speeding up prior to one third of the way through ---Select--- 2007 and slowing down after that.Insurance and pensions 11.9% Item a. Entertainment b. Transportation c. Clothing Housing 32.8% Entertainment 5.3% Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey (2018 data). 0.053 0.159 0.03 Transportation 15.9% Health care 8.1% Use the item weights in the figure to determine the percentage change in the CPI that would result from a(n) a. 20 percent increase in entertainment prices. b. 8 percent decrease in transportation costs. c. doubling of clothing prices. (Note: Review the table titled "Computing Changes in the CPI" in your text for assistance.) Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Item Weight Price Change (Inflation Effect) Impact on CPI 20% -8% 100% Food 12.9% Clothing 3.0% Miscellaneous 10.1%A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 2013 24.75 17 13 6 27.5 10 12 5.5 6 57.5 4 6 14 14 10 2014 2015 2016 60.5 63.5 66 18 14 17 14 Using 2013 as the base year, calculate the real GDP for the years 2014. Select one: а. 523.25 b. 492 С. 722.75 d. None of the answers are correct e. 680.5 O CO
- The rent for tenants in a building in 1940 was $30 per month. The landlord changes the rent based on the CPI-U. Use the CPI-U chart below to calculate the current rent in 2005. Round to the nearest dollar. Year CPI-U 1940 14.0 1949 23.8 1983 99.6 2000 172.2 2005 195.3 2009 214.5 2014 236.0 2017 245.1 2019 255.7 2020 258.8 $ (b) Show calculations and explain your reasoning.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.The basket cost below calculate the CPI for 2020 2018 $4000 2019 $4500 (base) 2020 $5000
