If there are only two goods, apples and bikes produced in the economy in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price of bikes was $500 per unit. in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. According to the information above, please calculate the consumer price index for 2016. O a 136,89 Ob. 133,12 Oc 135,58 O d. 134,34

If there are only two goods, apples and bikes produced in the economy in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price of bikes was $500 per unit. in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. According to the information above, please calculate the consumer price index for 2016. O a 136,89 Ob. 133,12 Oc 135,58 O d. 134,34

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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