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Define the term cost-of-living index?
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- http://www.bls.gov/data/inflation_calculator.htm (Just in case if needed) Private institutions, on average, laid out dollar 19, 520 per student for instruction [in 2007], a 22 percent increase from a decade earlier, the Delta Project on Postsecondary Education Costs, Productivity, and Accountability, a Washington-based nonprofit research group said Friday. Public universities spent dollar 9, 732 for each student, up 10 percent in the decade, according to the report. How much did private colleges spent per student in 1997? When adjusted for inflation, what was the actual percent change in the amount spent per student by private colleges from 1997 to 2007? (You may use any method; it may help to treat the increase in expenditures as "a raise" and use the same approach we used in class to find the "real raise, " or "pay cut, " if applicable) How much did public colleges spent per student in 1997? When adjusted for inflation, what was the actual percent change in the amount spent per…Roberto is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $64. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $278. As a result, Roberto consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Roberto using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is nothing. (Enter your response rounded to two decimal places.)A changing-basket price index (Passche index) like the GDP deflator tends to:a. underestimate the change in the cost of living because it does not take into account that people can substitute less-expensive goods for ones that become more expensive.b. overestimate the change in the cost of living because the continual introduction of new goods makes consumers better off even if prices do not fall.c. underestimate the change in the cost of living because it does not reflect the reduction in consumers’ welfare that may result from the substitutions of less expensive goods for more expensive ones.d. overestimate the change in the cost of living because it takes into account that people can substitute less expensive goods for more expensive ones.
- OS consumer goods in terms of capital goods in Figure below?Use the following information to calculate: ______________ __2000___________________2020_________ Product_____ _P_______ Q___________P_________Q_____ Textbooks $40 100 $100 120 Hamburgers 2 200 5 250 Shirts 10 50 30 100 Computers 250 40 200 100 The changes in the cost of living between the given dates, relying on both Laspeyres and Paasche price indices. The change in the cost of living based on the Fisher price index.What is meant by the term cost of living? Define and explain it.