Use the following information for 2019 to answer two questions. Prices That Rose Health insurance Gasoline Lettuce Cigarettes Hot dogs (%) Prices That Fell +20.5 Televisions +12.8 Peanut butter +7.6 Oranges +5.9 Apples +4.2 Eggs +1.9 College textbooks +0.6 Coffee Average Inflation Rate: +2.3% College tuition Bananas (%) -20.8 -6.0 -5.5 -4.8 -4.6 -3.1 -1.4 Instructions: Round your response to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. If apples, oranges, and bananas are weighted equally in a "fruit price index" and no other fruit changed prices, a. By how much did fruit prices rise or fall in 2019?

Use the following information for 2019 to answer two questions. Prices That Rose Health insurance Gasoline Lettuce Cigarettes Hot dogs (%) Prices That Fell +20.5 Televisions +12.8 Peanut butter +7.6 Oranges +5.9 Apples +4.2 Eggs +1.9 College textbooks +0.6 Coffee Average Inflation Rate: +2.3% College tuition Bananas (%) -20.8 -6.0 -5.5 -4.8 -4.6 -3.1 -1.4 Instructions: Round your response to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. If apples, oranges, and bananas are weighted equally in a "fruit price index" and no other fruit changed prices, a. By how much did fruit prices rise or fall in 2019?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 13P

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Similar questions

The index number representing the price level changes from 110 to 115 in one year and then from 115 to 120 the next year. Since the index number increases by five each year, is five inflation rate each year? Is the inflation rate the same each year? Explain your answer.
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Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the CPI to convert from nominal to real would be more appropriate man using the GDP deflate:
Construct the price index for a fruit basket in each year using 2003 as the base year.
Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?
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How does indexing wage contracts to inflation help workers?