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The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes (bottles) per bottle Produced (Ibs) $2.75 per lb $1.38 Year 2017 44,600 29,000 2018 45,900 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49

The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes (bottles) per bottle Produced (Ibs) $2.75 per lb $1.38 Year 2017 44,600 29,000 2018 45,900 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 7QR
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The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes Year (bottles) per bottle Produced (Ibs) per Ib 2017 $2.75 $1.38 44,600 45,900 29,000 2018 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49 Select one: O a. 2.71% O b. 3.05% O c. 4.13% d. I'll take 2 points O e. 2.56% O f. 1.95% g. 1.99% O h. 6.21%
Transcribed Image Text:The table below shows data for a simple economy that produces 2 products only: Ketchup and Tomatoes. Assume that 80% of tomatoes are used to make ketchup. Use 2017 as the base year and calculate the price level change from 2018 to 2019. Ketchup Price of Price of Produced Ketchup Tomatoes tomatoes Year (bottles) per bottle Produced (Ibs) per Ib 2017 $2.75 $1.38 44,600 45,900 29,000 2018 $2.85 30,100 $1.41 2019 47,800 $2.90 31,300 $1.49 Select one: O a. 2.71% O b. 3.05% O c. 4.13% d. I'll take 2 points O e. 2.56% O f. 1.95% g. 1.99% O h. 6.21%
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