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- If prices change in a way that leaves the overall price level unchanged then no one is made better or worse off.If the price level were to rise from 160 to 200, in what direction and by how much would the value of a dollar change?The rise of digital music and the improvement to the DVD format are part of the reasons why the average selling price of standalone DVD recorders will drop in the coming years. The function below gives the projected average selling price (in dollars) of standalone DVD recorders in year t, where t = 0 corresponds to the beginning of 2002.† A(t) = 699 (t + 1)0.94 (0 ≤ t ≤ 5) What was the average selling price of standalone DVD recorders at the beginning of 2003? At the beginning of 2006? (Round your answers to the nearest dollar.) 2003$. 2006$
- Which of the following statements best describes how the COVID-19 pandemic affected the US price level? The price level increases The price level decreases The price level roughly stays the same Impossible to say without more informationTrue or False (Why?): An increased price level reduces the quantities of investment goods and consumer durables demanded.What is true about equilibrium price level? a. There will be some surplus in the economy b. There will be some shortages in the economy c. There will be either surplus or shortages in the economy d. There will be neither surplus nor shortages in the economy
- The consumer price index (CPI) is calculated by the Bureau of Labor Statistics as a______ that measures the average change over time in prices paid by a typical urban consumer for a market basket. simple composite price and quantity index variable-weight composite price index combination of the Fisher index and geometric mean None of the answers are correct.Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. **THE TABLE IS ATTACHED** Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2017 and 2018, the CSPI increased by_________%. Between 2018 and 2019, the CSPI increased by_________%. Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply. As the price of textbooks increased, more and more students…Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table.