PRODUCT product X product Y product Z 1988 price: $2.00 quantity: 2,000 price: $1.00 1,000 $5.00 1,000 quantity: price: quantity: 1989 $4.00 2,500 $1.00 1,500 $4.00 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 29. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 Ob) 153 O c) 1.2 O d) 150 O e) 200

PRODUCT product X product Y product Z 1988 price: $2.00 quantity: 2,000 price: $1.00 1,000 $5.00 1,000 quantity: price: quantity: 1989 $4.00 2,500 $1.00 1,500 $4.00 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 29. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 Ob) 153 O c) 1.2 O d) 150 O e) 200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next Maternit
Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for small drinks. (Show your work. Q2: Is the price elasticity of demand for small drinks price elastic, inelastic, or unit (unitary)?
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