Government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas, $10 each Apartment rent, $600 per month Gasoline and car maintenance, $100 per month Phone service (basic service plus 10 long-distance calls), $50 per month In the year following the base year, the survey takers determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance costs are $112, and phone service has dropped in price to $40. Instructions: Enter your responses by rounding the CPl to three decimal places and the rate of inflation to one decimal place. a. Find the CPl in the subsequent year and the rate of inflation between the base year and the subsequent year. CPI: Rate of inflation:

Government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas, $10 each Apartment rent, $600 per month Gasoline and car maintenance, $100 per month Phone service (basic service plus 10 long-distance calls), $50 per month In the year following the base year, the survey takers determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance costs are $112, and phone service has dropped in price to $40. Instructions: Enter your responses by rounding the CPl to three decimal places and the rate of inflation to one decimal place. a. Find the CPl in the subsequent year and the rate of inflation between the base year and the subsequent year. CPI: Rate of inflation:

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 1CQ

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In the city of Paradise, government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas at $10 each Rent of apartment, $600 per month Gasoline and car maintenance, $100 Phone service, $50 In the year following the base year, the survey taker determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance has risen to $120, and phone service has dropped in price to $40. a). Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year. b). The family's nominal income rose by 5% between the base year and the subsequent year. Is the family worse off or better off in terms of what its income is about to buy?
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