Please solve all in 30 minute 13) I accepted my first job as a cashier at CVS in 1987. I made $3.35 per hour. Given that theCPI in 1987 was 112.2 and the CPI is currently 281.9, my first job was paying me (in 2021dollars)a) $8.42b) $7.35c) $2.25d) $9.6514) The IPhone 13 came out in September of 2021 and retailed for $1,100. That's a $250 priceincrease from the IPhone 12 that came out in 2020 and sold for $850. However, let'scompare the two (all other features are identical):FeatureIPhone 12IPhone 13Storage CapacityRAM256GB512GB4GB6GBBody MaterialAluminumStainless SteelWe have the following regression for IPhonesIn(P) = 6.329+.05(Cap)+.07(RAM)+.03Alum(cap = Capacity in hundreds of GB, RAM = RAM in GB, Alum = 1 if Aluminum, 0 if not)The hedonically adjusted inflation rate for lPhones from 2020 to 2021 isa) 29.4%b) -8.7%c) 12.3%d) -3.2%15) Consider the following data on prices and production values. The average household spend30% of their monthly income on services and 70% of their monthly income on manufacturedgoods.Manufactured GoodsPriceServicesuantity150Quantity120Price$2Year$10$15$2019832012220360$82021260590$14The GDP Deflator for 2021 (2012 = 100) isa) 156b) 122c) 160d) 184

Hi student Since there are multiple questions, we will answer only first question.

13) I accepted my first job as a cashier at CVS in 1987. I made $3.35 per hour. Given that the CPI in 1987 was 112.2 and the CPI is currently 281.9, my first job was paying me (in 2021 dollars) a) $8.42 b) $7.35 c) $2.25 d) $9.65

13) I accepted my first job as a cashier at CVS in 1987. I made $3.35 per hour. Given that the CPI in 1987 was 112.2 and the CPI is currently 281.9, my first job was paying me (in 2021 dollars) a) $8.42 b) $7.35 c) $2.25 d) $9.65

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter3: Cost Behavior

Section: Chapter Questions

Problem 28E

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Question

Please solve all in 30 minute

13) I accepted my first job as a cashier at CVS in 1987. I made $3.35 per hour. Given that the
CPI in 1987 was 112.2 and the CPI is currently 281.9, my first job was paying me (in 2021
dollars)
a) $8.42
b) $7.35
c) $2.25
d) $9.65
14) The IPhone 13 came out in September of 2021 and retailed for $1,100. That's a $250 price
increase from the IPhone 12 that came out in 2020 and sold for $850. However, let's
compare the two (all other features are identical):
Feature
IPhone 12
IPhone 13
Storage Capacity
RAM
256GB
512GB
4GB
6GB
Body Material
Aluminum
Stainless Steel
We have the following regression for IPhones
In(P) = 6.329+.05(Cap)+.07(RAM)+.03Alum
(cap = Capacity in hundreds of GB, RAM = RAM in GB, Alum = 1 if Aluminum, 0 if not)
The hedonically adjusted inflation rate for lPhones from 2020 to 2021 is
a) 29.4%
b) -8.7%
c) 12.3%
d) -3.2%
15) Consider the following data on prices and production values. The average household spend
30% of their monthly income on services and 70% of their monthly income on manufactured
goods.
Manufactured Goods
Price
Services
uantity
150
Quantity
120
Price
$2
Year
$10
$15
$20
1983
2012
220
360
$8
2021
260
590
$14
The GDP Deflator for 2021 (2012 = 100) is
a) 156
b) 122
c) 160
d) 184

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