The Laspeyres index is the ratio of the price of goods at prices to the price of goods at prices. O today's; yesterday's; yesterday's; today's yesterday's; yesterday's; yesterday's; today's today's; today's; yesterday's; yesterday's O yesterday's; today's; yesterday's; yesterday's
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- Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all af the ontton is used to produce shts 2012 Statistics 2020 Statisties 2021 Statistics Product Quantity 120 Quantity Price Quantity Price Price $75.00 3.50 Shoes 110 $55.00 120 $70.00 Hamburgers 85 3.00 120 3.00 135 Shirts 50 30.00 50 25.00 66 25 00 Cotton 12,000 0.09 12.000 0.07 13.000 0.08 af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S (round your answer to the nearest pennyl. b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)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?Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?
- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?Commodity Unit January February Маrch Аpril Мay ROOT CROPS 119,861 76,868 Carrots 97,887 62,325 17,883 9,815 31,248 41,805 122,180 79.998 Kg 32,432 54,453 Cassava Kg Kg Kg Kg Kg Kg Kg Kg 77,983 29,687 4,818 Common Yam Im ported y am Dasheen(Local) Dasheen(Im ported) Eddoes (Local) Eddoes (Imported) Sweet Potatoes (Local) Sweet Potatoes (Im ported) Ginger CONDIMENTS AND 16,235 1,906 19,492 20,413 18,210 4.798 40,674 68,625 363 37,506 57.7 80 28,321 26,325 24,887 29,952 36,180 27,253 23.580 30,835 12,263 27,792 36,450 22,770 16,560 9,280 156,648 125,726 6,480 140,389 195,121 65,380 1,980 Kg Kg 10,575 11,076 4.770 28,117 na 35.435 37.545 13,818 SPICES Celery Chive (L) Thy me (s) Hot Peppers (100's) Hot Peppers (40 lb) Shadon Beni Pimento (S) Bndl. 16,321 12,288 9,191 17,025 12,490 4,421 5,640 Bndl. 14,045 7,078 11,951 Bndl. 567 1,876 276 1,624 562 927 364 100's 1,194 1,225 531 Bag 2,235 2,222 1,693 1,976 835 Bndl. 48,632 35,340 26,375 61,240 30,050 100's 3,571 5,910 4,492 5.750 3.385…The table below gives the price and consumption (usage/sales) for two products xand yfor four years. Using year 2000 as the base year calculate for each year, thea) Basic expenditure index b) Laspeyers price index, and c) Paasche price index
- The expenditures of a typical family on gas, food,and clothing in 2009 and 2010 are given in the table below. Assume quantses are constant trom 2009 to 2010. Expenditures in 2009 (in S) S60 310 80 Category Expenditures in 2010 (in S) Gas 568 Food 341 24 Clothing When the base year is 2009 the value of Consumer Price index (CPI) for year 2010 is (Round your response to wo decimal places) Incorrect: 1 Check answer Clear allConsumer price index, based on a problem from “Principles of Economics” byN. Gregory Mankiw Question 3) Wen is a typical consumer. Wen spent a total of $10 on 10 pomegranates, $36 on 3 shawarmas,and $35 on 7 cups of coffee in August. In September, Wen spent a total of $18 on 12 pomegranates, $24on 2 shawarmas, and $42 on 7 cups of coffee. In October, Wen spent a total of $22 on 11 pomegranates,$33 on 3 shawarmas, and $32 on 4 cups of coffee. a) Calculate the price of one unit of each good in each month.b) Using August as base month, calculate the CPI for each month.c) Find the inflation rate for September and October.A value of a car of AED 200,000 in 2020 is NOT the same as the value of the same car of AED200,000 in 2010. Every student in economics is introduced to this situation. Explain why the AED200,000 in 2020 cannot be the same as the AED200,000 in 2010. For the toolhar neee ATFA e
- Which measures the changes in the prices of a "market basket" of some 100 goods produced by typical manufacturers? O The Producer Price Index O The Consumer Price Index O The GDP price index O The International Pricing IndexThe basket of goods in the Consumer Price Index consists ofabout _________ products; that is, several hundred specific products in over__________ broad-item categories. a)800; 200 b)80,000; 400 c)200; 800 d)80,000; 200Use the numbers to calculate Econ Land's Green GDP