A Hershey Bar with 4 almonds sells for $1 in 2018. The same size Hershey Bar now has 3 almonds and still sells for $1. In real terms the price of the Hershey Bar
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A Hershey Bar with 4 almonds sells for $1 in 2018. The same size Hershey Bar now has 3 almonds and still sells for $1. In real terms the
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- Consider the market gold, if people expect a lower future price of gold. Change in Demand Increase Decrease Did not Change Indeterminate Change in Supply Increase Decrease Did not Change IndeterminateSuppose housing constitutes 45% of the typical basket of goods for a typical consumer, education constitutes 3%, and all other goods make up the remaining 52%. Assume the price of housing rises by 4%, the price of education falls by 10%, and prices remain constant for all other goods. Based on the information given, we can definitely say Select one: a.because the price of education fell by more than the price of housing rose, the consumer price index (CPI) must have decreased. b.the CPI is higher than in the previous year. c.if consumers get a 4% pay raise, they are worse off in terms of their real income compared to inflation as measured the CPI. d.because housing is a luxury (as is education), consumers are certainly no worse off in terms of their real wages as measured by the CPI. e.the CPI is unchanged from the previous year.The price of a typical laptop computer has fallen from $2,000 in 1985 to $800 today. At the same time, the consumer price index has risen from 100 to 252. Adjusting for inflation, how much did the price of laptops change? Does this answer seem right to you, or is it missing something? Explain your response.
- In the country of Solow, people buy only three things: food, rent, and luxury goods. Last year, the price of luxury goods went down, and the price of rent increased five percent. Overall CPI inflation increased 10%. What happened to the price of food? a) The price of food increased by exactly 10% b) The price of food increased by more than 10% c) The price of food increased by between 5% and 10% d) The price of food must have gone down e) None of these choices are correcturgently need Extract: Rising Global Food Prices In 2009, the World Bank reported that global food prices had almost doubled since 2005 and were forecast to continue to increase. The price of wheat especially had increased at an alarming rate of around 200% from 2008 to the end of 2009. The prices of maize (corn) and rice had also escalated. In November 2009, the Indian government reported that annual rise in food price was 21%, the price of pulses (lentils) had risen by over 30% and so had sugar prices. In Pakistan, food prices had also increased to a record high amidst claims of hoarding by grain processors and retailers. Usually, price changes for cereals can be attributed to short-term variations in supply caused by bad weather conditions. This was not the case for the latest price increases which were caused largely by demand side factors which included: the rising demand for meat in the fast growing economies of China and India; large quantities of grain are needed to feed…Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?
- Waldo buys only two items, pretzels and ham sandwiches. Waldo has $24 in income, pretzels cost $0.60 per bag and ham sandwiches cost $2.40 each. Which of the following statements is TRUE for the information given above? All of the above answers are correct. Waldo's real income expressed in terms of ham sandwiches is 10 ham sandwiches. The relative price of a ham sandwich in terms of pretzels is 4 bags of pretzels per ham sandwich. Waldo's real income expressed in terms of pretzels is 40 bags of pretzels.In the winter season, which is the peak season for winter coats, the price of winter coats is typically higher than it is in the summer. In the case of strawberreis, however the reverse is true. The price of strawberries is lower in the peak season than it is in the winter season.A typical consumer's "leisure basket" in the base year 2019 is as follows: 20 movie tickets $15.00 each 4 theme park tickets $80.00 each 30 swimming passes $10.00 each 2 interstate holidays $400 each 1 international holiday $2000 each The closure of international borders decreases demand for international holidays in 2020. This causes interstate holidays to rise in price to $800 each. The price of other items in the leisure basket are unchanged. a. Calculate the change (as a percentage) in the "leisure index" between 2019 and 2020. b. Suppose consumer preferences change in 2020 and they are completely indifferent between two interstate holidays and one international holiday. In this situation, how large is the substitution bias in the "leisure index"? c. Explain how biases in the "leisure index" create a difference between the price changes consumers experience and the price changes described by the "leisure index".
- Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change. Event Market for: Price Demand Curve Supply Curve Quantity Demanded Quantity Supplied A severe drought hits the Midwest corn growers Corn The U.S. government reduces taxes on imported lumber New Home Building The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour Minimum wage jobs…Graphically illustrate how each of the following events, ceteris paribus, will affect the market for coffee. (Start new graph for each question.) Your diagrams must include initial and subsequent, prices, quantities, curves, equilibriums and related movements along a curve. The price of tea increases. Coffee workers organize themselves into a union and gain higher wages. Coffee is shown to cause cancer in laboratory rats. Coffee prices are expected to rise rapidly in the near future. Interest rates decrease.Explain with the help of a graph how production and consumption of cloth are affected when the relative price of cloth increases.