principle of economy Generally, labour market is positively associated with the economic performance.Hence, the implementation of Malaysia National Recovery Plan (NRP) has allowedsome flexibility for economic and services activities to resume in line with the NRP'sphases. This targeted strategy has brought some light for the labour market to recoverprogressively.With the permission for more business activities to reopen under Phase1 along with transitions of some states into Phase 3 and Phase 4, more labour marketactivities are foreseen in the upcoming months. Nonetheless, due to uncertain publichealth situation, the challenges to the labour market may persist. On this note,collaboration and awareness of the whole nation comprising of individuals,community as well as business are crucial to ensure heard immunity can be achieved,thus will be able to revive the country's economyand labour market.Q3C)Consider table Q3(c) a hypothetical economy in which the typical consumer'sbasket consists of 3 kilograms (kg) of lamb and 4 kg of broccoli.Table Q3(c): Consumer basket consumption of lamb and broccoliYearPrice of lambPrice of broccoli2020RM20/kgRM25/kgRM12/kgRM18/kg2021(i)Calculate the cost of the basket in 2020 and 2021.(ii)Calculate the CPI for 2020 and 2021 if 2020 is the base year.(ii)Calculate the inflation rate in 2021 if 2020 is base year.

(i) Market basket consists 3 kg of lamb and 4 kg of broccoli. Cost of basket in 2020 = (Qty of Lamb…

Table Q3(c): Consumer basket consumption of lamb and broccoli Year Price of lamb Price of broccoli 2020 RM20/kg RM25/kg RM12/kg RM18/kg 2021 (i) Calculate the cost of the basket in 2020 and 2021. (ii) Calculate the CPI for 2020 and 2021 if 2020 is the base year. (iii) Calculate the inflation rate in 2021 if 2020 is base year.

Table Q3(c): Consumer basket consumption of lamb and broccoli Year Price of lamb Price of broccoli 2020 RM20/kg RM25/kg RM12/kg RM18/kg 2021 (i) Calculate the cost of the basket in 2020 and 2021. (ii) Calculate the CPI for 2020 and 2021 if 2020 is the base year. (iii) Calculate the inflation rate in 2021 if 2020 is base year.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.10P

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