Question 3. The following table contains prices for items consumed by a person over time. Year Price of Price of a cup of coffee Wi-Fi Breakfast cereal 2016 $5 $1 $45 2017 5.50 2 40 2018 6 3 35 Let the market basket consist of three packs of breakfast cereals, five cups of coffee, and one Wi-Fi connection.a. Based on the information presented above, calculate the price index for 2016, 2017, and 2018 if 2016 is designated as the base year. b. How much inflation occurred during 2016 and 2017, and during 2017 and 2018?
Q: Use the following table to answer the question about taxes, where P Price buyers pay, P, Price…
A: According to the given table, buyer and seller has same price as $14 when there is no tax, while…
Q: solve 5 min this is the answer plz write hand written Here, the given graph shows the price for…
A: We can not provide handwritten solutions due to the company's policy. Taxes are the duties imposed…
Q: Theoretically, price is determined by the forces of market demand and supply. However, is it really…
A: Imperfect data alludes to the circumstance where purchasers as well as merchants don't have all of…
Q: Are luxury and sustainability compatible?
A: The findings reveal that luxury customers have mixed attitudes about sustainability, believing that…
Q: Dollars F $15- e $10- $6 D $2 2,000 1,000 1,200 Quantity per period Use the graph above. If the…
A: Equilibrium is achieved at the output level where Qs equals Qd. Thus Q*= 2000 units and P*= $ 10
Q: Protectionism is most likely to be justified to
A: Introduction Protectionism. protectionism is used for the economical purpose in which any country…
Q: 4. X generator has a first cost of $20,000, AOC of $15,000, and S of $5000 after 4 years. Y…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…
Q: Consider the graph below. Should this firm stay oper shut down in the short run and why? MC ATC* AVC…
A: Over the short run, firm must get variable cost recovered to stay open in the market. A firm will…
Q: Indicate whether you would expect the price elasticity of demand of demand for each of the following…
A: "Price elasticity of demand depicts the responsiveness of quantity demanded of a commodity with…
Q: COUNE 689 TVC 0 65 105 135 167 a. 203 244 293 55 355 432 10 527 4. Explain why the short-run MC is…
A: MC curve refers to the marginal cost curve.
Q: 2006 Statistics 2007 Statistics 2008 Statistics Product Quantity Price Quantity Price Quantity Price…
A: Here, information about the price and quantity of 4 goods is given for three years among which let…
Q: q TVC 0 0 1 65 2 105 3 135 4 167 5 a. 203 6 244 7 293 8 55 355 9 432 10 527 4. Explain why the…
A: MC(marginal cost) is the change in TC(total cost) when an additional unit of good is produced. MC…
Q: Determine the effects of an increase in the separation rate, s, on the reservation wage and on the…
A: The percentage of workers that depart the organization during their reporting period is referred to…
Q: c) Obtain information on the following two funds: Colonial First State Developing Companies Fund…
A: An investor refers to a person who puts money into a business in the hopes of making a profit or…
Q: Is there a commonality of the customer’s needs across countries?What will the product be used for…
A: Yes there a commonality of the customer’s needs across countries.
Q: Substanlially true stalements made by an applicant on an Accident and Health application are known…
A: In the insurance market, there are numerous incidents that may lead to revocation of the contract…
Q: function given by TC = 8D+DxL+3L where D is the quantity of Dark-ale beer (in kegs) (not kg), and L…
A: Supply and demand is the connection among purchasers and sellers that is utilized as an action for…
Q: Question 20 The market for loanable funds Real interest | rate (per cent) Equilibrium interest rate…
A: Here, the given graph shows the demand and supply curve of loanable funds in the loanable funds…
Q: Explain the effect of expansionary monetary policy (increase in money supply) using IS-LM Model.
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: Tariff on tennis racquets Suppose a country imports tennis racquets. If the government introduces a…
A: A tariff is a type of tax levied by a country at the border on an imported good. Tariffs have…
Q: Consider Robinson Crusoe who lives alone on the island. He can produce two good eggs (good X) and…
A: Introduction Robinson crusoe lives on an island. He can produce two goods: good X and good Y. Good X…
Q: The figure below depicts the economy of Altrua, which is presently in equilibrium. Enter your…
A: A recessionary gap is when: total result is underneath possible result. In the event that there is…
Q: Graph and explain the causes and effects of international labour mobility.
A:
Q: 1. Competitive market, Practice Question Wheat farmer Joe has the cost function of C(q) = 160,000 +…
A: A cost function is a formula that may be used to provide an accurate forecast of the costs that will…
Q: N Owns a Disability Income policy that will cover him to age 65, allhough the insurance company has…
A: In the insurance market, there are different types of coverage and insurances are provided with…
Q: 1. Is GDP an adequate measure of national economic activity? 2. Should GDP be replaced by a new…
A: The Gross Domestic Product (GDP) refers to a metric that measures the size and health of a country's…
Q: 1. From 2009 to 2010, per capita real gross domestic product (GDP) in country C grew by 2.8 percent.…
A: Yearly development pace of genuine GDP per capita. Yearly development pace of genuine Gross Domestic…
Q: Suppose Darren pays $10 to eat at an All-you-can-eat dessert buffet. He was very hungry, an so he…
A: Here, the information about the marginal utility gained by Darren is given till the fifth unit of…
Q: Let's consider an economy where all firms are favouring remote work to favour physical distancing…
A: Subsidy to promote remote work is the good idea to stop the spreding of the virus in the pandemic…
Q: Consider Alexel, who earns a wage of $15 per hour in the hospitality industry. Recently, Alexel won…
A: Each consumer chooses a bundle where utility is maximized.
Q: normative analysis on the desirability of increasing legal immigration to the United States. How…
A: 1. The talents of migrants, the qualities of current workers, and the features of the host economy…
Q: Consumption in the calculation of gross domestic product does not include Consumer services Consumer…
A: GDP refers to the production of goods and services during an accounting year.
Q: Explain how the slope of LM curve affect the outcome of expansionary monetary policy (increase in…
A: 1. The LM curve is moved to the right by monetary expansion, which raises income and lowers interest…
Q: Question 10 a b and c Assume that there is a free-floating exchange rate. Will the following…
A: There are various factors that affect the demand/supply of currency in the foreign exchange market…
Q: Suppose a bank has $2,500,000 in checkable deposits and the required reserve ratio is 10%. Also, the…
A: Given information, Checkable deposits: $2,500,000 Required reserve ratio: 10% Total reserves:…
Q: Under the Neo-Classical growth model, for a given the intercept, a steeper aggregate demand function…
A: The neoclassical growth theory was first propounded in the year 1956 by Robert Solow and Trevor…
Q: Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2,…
A: Given; Total cost function; C(q)=100-4q+q2 Market price; P= $10 Supply function for competitive firm…
Q: Assuming you are the Minister of Finance and Economic Planning for Nigeria, in charge of Fiscal…
A: Given information MPS=0.20 Autonomous consumption=5000 Investment=7000 G=8000 T=2000 t=0.25…
Q: In the context of the Keynesian model, which of the following statements is incorrect? Group of…
A: Keynesian cross model determines the equilibrium level of output produced in the economy.
Q: If period 1 is the base year, the bundle price of goods in period 1 is $200, and the bundle price of…
A: Price bundling (item packaging or item group evaluating) is a showcasing methodology that joins at…
Q: TVC 0 65 105 135 167 203 244 293 d. 8 55 355 9 432 10 527 e. 1. Use the table above to find the…
A: Total cost = Total fixed cost + Total variable costAverage variable cost = Total variable cost /…
Q: A change from Point B to Point C represents a(n): E Price D Quantity O decrease in supply. O…
A: Here, the given graph shows three supply curves, which represents different points and different…
Q: 5. Now assume that a recession ( triggered by a reduction of Aggregate Demand ) causes each of the…
A: Tax paid = Tax rate * Income
Q: Provide a real-world example of third-degree price discrimination (with a hyperlink to the example).…
A: Answer:- a) It's worth noting that Third Degree Price Discrimination entails a monoply charging…
Q: When a cash deposit is made to a current account in a commercial bank, money supply will decrease.…
A: Reserves are the entire sum of money stored with commercial banks. A check-able deposit is an…
Q: What are the factors affecting the demand for gasoline?
A: Gasoline is marketed established on octane statuses in three primary phases of gasoline: Regular…
Q: A firm faces the demand curve: P = 1,374 - 16Q. What is the firm's revenue maximizing price? Enter…
A: "Demand function of a firm shows a negative relationship between price of a product and quantity…
Q: A country reported nominal GDP of $200 billion in 2006 and $180 billion in 2005; it reported a GDP…
A: the GDP deflator measures the changes in the GDP that results from changes in the price level.…
Q: distinguish the roles of the parties associated with the bank bill issue
A: The parties that can be involved in bank bills issued are as follows: 1- Creditor 2- Debtor 3-…
Q: Although fiction isn't claiming to be True,it reveals truths about our world or the way (some)…
A: Fiction means that is related to somehow thought that may or may not be related to reality.
Solve both parts.....
Step by step
Solved in 2 steps
- Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods market? What about the labor market and the financial market?Consider the following data on Prices and Quantities of oranges and VCRs. From a. - k. 3 marks each An economy produces only two goods, oranges and VCRs. The quantities and prices for the years 1998 and 1999 are shown in the table. The bose year is 1998. 1998 1999 Oranges Price Quantity Price Quantity VCRs $2 5,000 $3 4,000 V.00 1,000 $300 2,000 a. Calculate the total value of goods and services at current prices in this economy in 1998. b. Calculate the total value of goods and services at current prices in this economy in 1999. c. Calculate the total value of goods and services at constant prices in this economy in 1998 d. Calculate the total valueSuppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.Seafood 2000 Qty. (lb) | 2000 Price ($/lb) | 2009 Price ($/lb)Halibut 75,090 1.91 2.33Lobster 83,080 3.72 3.09Tuna 50,779 1.87 1.97(a)Compute a price relative for each type of seafood. (Round your answers to one decimal place.)Seafood Price RelativeHalibut 122.0 Lobster _________ Tuna 105.3 (b)Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)I2009 = ___________ Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)Seafood prices have decreased by ______ % over the 9-year period according to the index.
- Year 2000 2010 Price of an automobile $40, 000 $50, 000 Price of a loaf bread $20 $30 Number of ao=utomobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500, 000 loaves Using the table above calculate: how much have prices risen between the year 2000 and 2010 and comapre the answer given by Laspeyres and Passche price indicesConsider 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 2019, 2020, and 2021. The cost of each item in the basket and the total cost of the basket are shown for 2019. Perform these same calculations for 2020 and 2021, and enter the results in the following table. Quantity in Basket 2019 2020 2021 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 3 30 3 4 Calculators 1 75 75 80 104 Large coffees 300 2 600 2 2 Energy drinks 75 2 150 4 5 Textbooks 8 90 720 110 120 Total cost 5 5 1,575 5 5 Price index 5 5 100 5 5 Suppose the base year for this price index is 2019. In the last row of the table, calculate and enter the…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. Quantity in Basket 2017 2018 2019 Price cost price cost Price Cost Notebooks 10 2 20 1 3 Calculators 1 50 50 54 75 Large coffees 200 1 200 1 1 Energy drinks 100 2 200 3 4 Textbooks 10 100 1,000 120 150 Total cost 1,470 Price index 100 Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the…
- 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. Quantity in Basket 2017 2018 2019 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 8 2 16 2 4 Calculators 1 64 64 104 134 Large coffees 150 2 300 2 2 Energy drinks 40 3 120 4 5 Textbooks 10 80 800 85 105 Total cost 1,300 Price index 100 Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the…Which of the following statements is INCORRECT about the consumer price index? Question 5Answer a. It captures the weight or importance of the different goods and services in the basket chosen b. It measures the changes in the quantity of the typical goods and services that households consume c. It measures the changes in the prices of the typical goods and services that households consume d. It is a measure of inflationthis question is for Macroeconomics but it didn't show any option for Macroeconomics it just show economics. Use the table below to answer the following question. Table 21.3.2 Data from Southton Price (dollars) Price (dollars) Quantity (number) Quantity (number) Item Base Current Base Current Rubber Ducks Beach Towels 1.15 9.10 1.36 10.00 90 15 100 14 1) Refer to Table 21.3.2. From the data in Table 21.3.2. What is Southton's consumer price index for the current year? What is the rate of inflation over the current year? Show your calculations.
- Many elderly people in the US receive Social Security payments as their sole source of income. Because of this, there have been attempts to adjust these payments so as to keep up with changing prices (inflation). This process is called “indexing”; this question will lead you through the process. Suppose that in the year 2018, a typical Social Security recipient consumed only Food (F) and Housing (H). The price of housing was $150/unit and the price of food was $50/unit. Denote the quantities of food and housing per month by F and H respectively. This consumer received $1500/month and consumed 5 units of housing and 15 units of food. (a) Write out the consumer’s budget constraint and demonstrate that the bundle chosen falls on that budget constraint. (b) Draw the budget constraint on a graph (Housing on the horizontal axis) with the optimal bundle labeled. Draw the indifference curve through that optimal bundle. Assume preferences are well behaved. Suppose that in 2019, the price of…1.Using 2016 as the base year, calculate the Laspeyre’s Quantity Index for 2021.A 138.60B 207.47C 72.15D 149.862.In general, consumers are price-takers; thus, they are expected to react to price changes by substituting ice-creamflavours that have become relatively cheaper for those that have become relatively more expensive. This phenomenon isconsistent with the substitution effect. Substitution tends to cause a negative correlation between the price and quantityrelatives.With regard to the observation above, and the indices calculated above, which of the following is false?A The transaction data on the ice-cream sales is not indicative of substitution effect.B The Paasche’s indices are relatively greater than the Laspeyre’s indices.C The price and quantity relatives of the ice-cream data are positively correlated.D The price and quantity relatives of the ice-cream data are negatively correlated.Suppose that the consumption basket consists of gasoline, mugs, and movies. In the base month, consumers buy 20 litres of gasoline at $2 per litre, 2 mugs for $13 each, and 4 movie tickets for $7 each. In the next month, the price of gasoline is $2.25 per litre, mugs cost $12.50 each, and the price of a movie ticket is $7.50. The change in the consumer price level from the first to the second month is ______. a. –6%b. 6.4%c. 94%d. 1.1%
