ue of 2018 production in 2019 prices and the percentage increase

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
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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paste. The base year is 2018.
In 2018
Calculate the value of 2018 production in 2019 prices and the percentage increase in production when valued at 2019
prices.
Item
Quantity
Price
$8 each
$5 each
Pizzas
93
The value of 2018 production in 2019 prices is $.
Tooth paste
60
The percentage increase in production when valued at 2019 prices is percent.
>>> Answer to 1 decimal place.
In 2019
Item
Quantity
Price
Pizzas
109
$5 each
Tooth paste
68
$5 each
Enter your answer in each of the answer boxes.
MacBook Alt
DD
DII
F10
F8
F7
000
000
888
F6
吕0
F5
F4
F3
F2
esc
&
F1
2$
7
8.
4
5
3
1
Y
E
Q
* 00
T
R
シ2
Transcribed Image Text:paste. The base year is 2018. In 2018 Calculate the value of 2018 production in 2019 prices and the percentage increase in production when valued at 2019 prices. Item Quantity Price $8 each $5 each Pizzas 93 The value of 2018 production in 2019 prices is $. Tooth paste 60 The percentage increase in production when valued at 2019 prices is percent. >>> Answer to 1 decimal place. In 2019 Item Quantity Price Pizzas 109 $5 each Tooth paste 68 $5 each Enter your answer in each of the answer boxes. MacBook Alt DD DII F10 F8 F7 000 000 888 F6 吕0 F5 F4 F3 F2 esc & F1 2$ 7 8. 4 5 3 1 Y E Q * 00 T R シ2
Expert Solution
Step 1

Calculate the CPI using the following formula 

CPI = Ct/C0 *100

 

 

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