3- The hypothetical output and prices of juice and skittles in 2018 and 2019 are shown in the table: Good 2018 2019 Juice 100 at $1 200 at $2 skittles 100 at $0.5 300 at $0.7 Calculate the following: A. Nominal and real GDP in 2019 B. Price index in 2019 C. Inflation rate in 2019

Q: 7. O LounchPod Consider an economy that produces and consumes hot dogs and ham- burgers. In the…

A: Real vs. Nominal GDP Nominal GDP is the market value of goods and services produced in an economy,…

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A: Price: It refers to the cost of the goods and services that are available in the market. The market…

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A: Here, CPI of different years are given with 2014 as base year.

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A: Inflation rate with GDP deflator = deflator in 2020 / 2019 – 1 * 100 = 1.29 % Inflation rate with…

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A: Nominal GDP is the number of commodities that are produced in a country (nation) in a particular…

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A: a. If minimum wage in 1980 was w1980, minimum wage in 2021 will be w2021=w1980*278.886.3≈3.23w1980…

Q: 4. The following table shows the UK consumer prices index for the years 2013-16 based on 2014=100.…

A: Macroeconomics is a sub-part of economics that is used to understand, the policies and fiscal…

Q: 5. Suppose the people of one nation are huge football fans and the only items they consume are wings…

A: 5) Price index is given as PI= (market basket in current year/ market basket in base year)*100…

Q: 1. Calculating inflation using a simple price index Consider a fictional price index, the College…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college…

A: Cost = Quantity in basket ×Current year prices

Q: 6. The Consumer Price Index (CPI) Which of the following does the consumer price index (CPI)…

A: Average changes in the prices of a basket of goods and services consumed by a consumer over a period…

Q: 1) Which do you think has a greater effect on the consumer price index - a 10% increase in the price…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

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A: Given Information: Good Quantity Consumed 2008 Prices 2009 Prices 2010 Prices X 100 $1 $1.50…

Q: 1. The table below contains data for the country of Dachsland, which produces only pretzels and…

A: The market value of all final goods and services produced in the economy over the period of time is…

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A: The Consumer Price Index (CPI) measures the average change in prices over time that consumers pay…

Q: 3. The economy of Charlotte produces three goods: hotdogs, hamburgers, and soda. The table below…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

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A: The measure that depicts the rise in costs of living through a rise in the price of goods and…

Q: 2. Use the information in Problem 1 about the economy of Fruitopia. Suppose that the Bureau of Labor…

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A:

Q: 1. Calculating inflation using a simple price index Consider a fictional price index, the College…

A: Cost= Price×Quantity Price Index=Total cost of current yearCost of base year×100     Quantity…

Q: Calculating inflation using a simple price index Consider a fictional price index, the College…

A:

Q: Question-01: The following table shows the average retail price of butter and the Consumer Price…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 11 . Problems and Applications Q5 A small nation of 10 people idolizes the TV show The Voice. All…

A: The consumer price index (CPI) is the weighted average of prices of all the consumer goods and…

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A: Note: You have uploaded question with multiple sub parts. Hence, we shall solve the first three for…

Q: 7. Remember that the CPI is always set equal to 100 in the base year. Suppose a basket of goods and…

A: The index that depicts the price of a weighted average consumer goods and services market basket…

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A: a) CPI for 2012=Quantity of coffee*Price of coffee(2012)+Quantity of tea*Price of tea(2012)+Quantity…

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Q: 1. Calculating inflation using a simple price index Consider a fictional price index, the College…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Given values: Price of shoes in 2019 = 110Quantity of shoes in 2019 = 3500Price of computer in 2019…