A small nation of ten people enjoy music and singing. All they produce and consume are karaoke machines and CDs, in the amounts shown in the table below: Karaoke Machines CDs Year Price ($) Quantity (kg) Price ($) Quantity (liter) 2016* 40 10 8 30 2017 60 12 10 50 * Assume 2016 is the base year. Fix the Basket to 4 Karaoke Machines and 3 CDs. a. Calculate the Cost of the Basket for two years.

Q: 1. Calculate the inflation rate. 2. Re-do parts b)-d), but use year 2 as the base year. How do your…

A: Hi there! Thankyou for the question. As per the honor code, we are authorized to do one question at…

Q: Computing the cost of goods per basket , what is constant? A. Price of the current year B. Quantity…

A: In the computing of the cost of goods per basket we keep the quantity of the current year is…

Q: suppose you buy a new iClicker 2 from the Illinois bookstore for $29.99. Your friend was lucky and…

A: The nations have various entities in the form of households, consumers, investors, producers,…

Q: A small nation of ten people enjoy music and singing. All they produce and consume are karaoke…

A: CPI (consumer’s price index) is a measure of changes in the monetary value of a bundle of…

Q: The following is production data: Orange Orange Toaster Toaster Waffles Waffles Year (Quantity)…

A: PLEASE FIND THE ANSWER BELOW.

Q: Country X Country Y Country Z 1 YEAR 1 YEAR AGO 1 YEAR AGO INDICATOR NOW NOW NOW AGO 7.5% 5.6% 7.9%…

A: Since no other Information has been given let us assume that all the above mentioned countries have…

Q: Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical…

A: Real Gross Domestic Product (Real GDP) is the calculation of the total output produced in an economy…

Q: Calculate Nominal and Real GDP for each year. Consider the base year is 2013.

A: Nominal GDP is calculated at the current year prices by taking the product of the quantity of goods…

Q: The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes.…

A: To calculate the change in the price level, we will calculate the GDP deflator for the 2018 and 2019…

Q: A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke…

A:

Q: able below contains data for the country of Batterland, which produces only waffles and pancakes.…

A: Gross domestic product is a monetary measure of the market value of all the services and the final…

Q: Calculate the Real GDP for the table found helow: Nominal/ Current GDP in billions Year CPI or GDP…

A: Real GDP: It measures the market value of final goods and services at base year price during a given…

Q: A country’s nominal GDP and CPI (consumer price index) are shown in the following table Year…

A: If base year is 2015,highest GDP would be in 2017.

Q: Consider a nation obsessed with Coke Studio. All they produce and consume are DVDs and karaoke mics,…

A: We are going to calculate Consumer Price index to solve this question.

Q: 4. A small nation of ten people idolizes the TV show American Idol. All they produce and consume are…

A: i) Based on the table above we can calculate the consumer price index for the both year in order to…

Q: An economy produces only food and fun. The table shows the quantities produced and prices in 2018…

A: Value of 2019 production in 2018 prices = Quantity of food (2019) * Price of food(2018) + Quantity…

Q: 2009 Quantity 2009 Price 2010 Quantity 2010 Price (base year) Food 2.5 2.5 5 Entertainment 2 Clothes…

A: We have the following information-   2009 Quantity 2009 Prices(base year) 2010 Quantity 2010…

Q: A country produces only sugar and wheat in the quantities and prices listed below. The GDP deflator…

A: GDP Deflator measure of the level of prices of all new, domestically produced, final goods and…

Q: Coffee Coffee Makers Bean Grinders Price Quantity Price Cappuccinos Quantity Price Quantity Price…

A: In an economy, growth in GDP can be calculated using COI formula that is: =[(CPI in final year-CPI…

Q: oduce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price…

A: Real GDP measures value of goods and services using constant set of prices.

Q: An economy produces only fun and food. The table given above shows the prices and the quantities of…

A: Nominal GDP is the total market value of goods and services produced in an economy over a period of…

Q: If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a​ year,…

A: The economies around the world tend to work with the motive of enhancing their economic development,…

Q: The table shows the quantities produced and prices in 2015 and 2016 for an economy which produces…

A: Use the below formula to find the percentage change: Percentage change = Value of production in…

Q: An economy produces only three types of goods: apples, oranges and bananas, production units and…

A: Nominal GDP is the value of all final goods and services produces in any economy in a given year. So…

Q: Consider a world in which there are just three goods: teepees, tobacco, and corn. Listed below are…

A: The GDP deflator, Nominal GDPReal GDP×100 Nominal GDP measures the monetary value of the economies…

Q: Fill in the missing data for the following data.

A: We know,                       GDP Deflator = Nominal GDPReal GDP*100

Q: The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following…

A: Nominal GDP (NGDP) = ∑(current year price x current year quantity) NGDP, 2014 = 5 x 100 + 15 x 300 +…

Q: If nominal GDP grows by 7% but inflation rises 3%, what is the real GDP?

A: Given that, nominal GDP grows by 7% but inflation rises 3%, what is the real GDP.

Q: Assume that in Berberistan only three goods are produced: coffee, tea, and cheesecake. The table…

A: GDP or gross domestic product is the measurement of the final value of all the goods and services…

Q: An economy produces turmeric for consumption, produces Cardamom to export, and imports sesame seeds…

A: a) Using 2015 as base year and calculating GDP for each year; Real GDP=Base year price×Current year…

Q: An economy produces only food and fun. The table shows the quantities produced and prices in 2018…

A: Value of 2018 production at 2019 prices = Quantity of food (2018) * price of food (2019) + Quantity…

Q: 5. If the consumer price index was 90 in 2011 and five years later in 2016 it was 120, the…

A: Given :  Consumer price Index (2011) = 90  Consumer price Index (2016) = 120  ( Consumer Price Index…

Q: A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke…

A: Meaning of Inflation: Inflation generally arises when there is an excessive increase in the level…

Q: Consider a world in which there are just three goods: teepees, tobacco, and corn. Listed below are…

A: The GDP deflator, =Nominal GDPReal GDP×100 Nominal GDP measures the monetary value of the economies…

Q: 18. If nominal GDP is $5 million and the real GDP is $4 million, what is the GDP deflator? a 0.80 b.…

A: GDP measures the value of all final goods and services produced in an economy over a period of time.…

Q: Using a method similar to that used to calculate the consumer price index, the percentage change in…

A: Consumer price index "it measures the average change in price over time in a fixed market basket of…

Q: The country of Opalia produces two goods: footballs and basketballs. Below is a table showing prices…

A: We are authorized to answer three subparts at a time, since you have not mentioned which part you…

Q: The table below shows nominal and real GDP figures for a hypothetical economy. Note that 2018 is the…

A: GDP deflator = Nominal GDP / Real GDP * 100 where, Nominal GDP = (Deflator * real GDP) / 100 in base…

Q: The next four questions involve the following situation: Consider an economy with only two products:…

A:

Q: Real and Nominal GDP |video games energy drinks year 1 price year 1 output year 2 price year 2…

A: GDP is defined as the total production of all goods and services within territory of the country in…

Q: 18. If nominal GDP is $5 million and the real GDP is $4 million, what is the GDP deflator? a 0.80 b.…

A: GDP Deflator calculate the price level of all final goods and services which is domestically…

Q: The table shows some data for an economy which produces only pizzas and tooth paste. The base year…

A: There are different ways to compare the GDP of two years such as either by nominal GDP or by real…

Q: ne economy of Tuland produces only two products fish and watches. The following information is…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Use the following table to answer the next question. The base year is 2007. Hot Dogs Baseballs…

A: Economics growth is a process of a quantitative growth in the functioning of the economy, i.e.,…

Q: Consider a nation obsessed with Coke Studio. All they produce and consume are DVDs and karaoke mics,…

A: Nominal market value for the consumption basket can be calculated by using the following formula.…

Q: Using the table below, Pear Phone Year Price (S) Quantity Price (S) Quantity | 2015 3 210 450 54…

A: GDP ( Gross Domestic Product ) is the value of all finished products and services produce in an…

Q: The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following…

A:

Q: . Calculate the Nominal GDP, Real GDP using 2019 as the base year, and the GDP Deflator. Year 2017…

A: Nominal GDP is the market value of goods and services produced in an economy, unadjusted for…

Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.