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.)

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.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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Question

100%

Roberto

is a senior citizen who consumes food and health care. When

retired in 2002,

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.)

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