Question 4 Refer to the information provided in Table 22.6 below to answer the question(s) that follow. Good A Good B Good C Table 22.6 Units Purchased 2014 $1.00 $2.00 $4.00 5 10 4 Price per Unit in 2015 $1.50 $2.50 $4.50 2016 $1.50 $3.00 $5.00 a) What is the bundle price for the goods in period 2014? Show your calculation. b) Refer to Table 22.6. If 2014 is the base period, what is the price index in 2014? How do you know? What is the price index in 2015? Show any calculations you used to determine this. c) Refer to Table 22.6. If 2014 is the base year, what was the inflation rate between 2014 and 2015? Show your calculation/ d) Refer to Table 22.6. If 2015 is the base year, what is the inflation rate between 2015 and 2016? Show your calculations. e) How is the market basket of goods definited (this is like choosing Good A, B, and C in Table 22.6)? Why is this a good definition for aggregating overall price levels? What is one criticism of the selection of the market basket?

Question 4 Refer to the information provided in Table 22.6 below to answer the question(s) that follow. Good A Good B Good C Table 22.6 Units Purchased 2014 $1.00 $2.00 $4.00 5 10 4 Price per Unit in 2015 $1.50 $2.50 $4.50 2016 $1.50 $3.00 $5.00 a) What is the bundle price for the goods in period 2014? Show your calculation. b) Refer to Table 22.6. If 2014 is the base period, what is the price index in 2014? How do you know? What is the price index in 2015? Show any calculations you used to determine this. c) Refer to Table 22.6. If 2014 is the base year, what was the inflation rate between 2014 and 2015? Show your calculation/ d) Refer to Table 22.6. If 2015 is the base year, what is the inflation rate between 2015 and 2016? Show your calculations. e) How is the market basket of goods definited (this is like choosing Good A, B, and C in Table 22.6)? Why is this a good definition for aggregating overall price levels? What is one criticism of the selection of the market basket?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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* | Money Rates Assignment (1) - WordPad Close File Home View X Cut A^ A° Find Arial 18 Соpy ac Replace Paste Picture Paint Date and Insert BIU abe X, X' A · 2 Select all drawing time object Clipboard Font Paragraph Insert Editing WordPad does not support all of the features of this document's format. Some content might be missing or displayed improperly. X 1 2 3 5 Money Rates Term: Prime Rate % Prime rates[ U.S. Effective Date: 52-WEEK Late Wk ago High U.S. Canada Euro zone Japan Switzerland Britain Australia What it means: The prime rate is the rate at which banks will lend money to their most- favored customers. The prime rate will move up or down in lock step with changes by the Federal Reserve Board. How it's used: The prime rate is an important index used by banks to set rates on many consumer loan products, such as credit cards or auto loans. If you see that the prime rate has gone up, your variable credit card rate will soon follow. Source: Source: 100% Kaleb L 12:48 PM e Type…