Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
Question
Chapter 16, Problem 2PA

Subpart (a):

To determine

Measuring CPI and inflation rate.

Subpart (b):

To determine

Measuring CPI and inflation rate.

Subpart (c):

To determine

Measuring CPI and inflation rate.

Blurred answer
Students have asked these similar questions
Suppose the following information was published by the Australian Bureau of Statistics in 2017:   Item Amount (AUD billion) Household consumption 5,029.81 Government consumption 20,340.92 Exports 1,386.39 Value of cocaine seized at Sydney Airport 20,500 Value of intermediate goods in tractor manufacturing  502,003 Gross private domestic investment 352.69 Imports 386.95 Components used in the manufacture of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods                500.00 Value of banned endangered species elephant tasks seized at Melbourne Airport 600.00   Use the information provided to calculate Australia’s GDP in 2017
Consumer price index, based on a problem from “Principles of Economics” byN. Gregory Mankiw Question 3) Wen is a typical consumer. Wen spent a total of $10 on 10 pomegranates, $36 on 3 shawarmas,and $35 on 7 cups of coffee in August. In September, Wen spent a total of $18 on 12 pomegranates, $24on 2 shawarmas, and $42 on 7 cups of coffee. In October, Wen spent a total of $22 on 11 pomegranates,$33 on 3 shawarmas, and $32 on 4 cups of coffee. a) Calculate the price of one unit of each good in each month.b) Using August as base month, calculate the CPI for each month.c) Find the inflation rate for September and October.
Suppose an economy produces only cheese and fish.  In 2010, 20 units of cheese are sold at $5 each and 8 units of fish are sold at $50 each.  In 2009, the base year, the price of cheese was $10 per unit and the price of fish was $75 per unit.  For 2010,     a. nominal GDP is $500, real GDP is $800, and the GDP deflator is 62.5.     b. nominal GDP is $500, real GDP is $800, and the GDP deflator is 160.     c. nominal GDP is $800, real GDP is $500, and the GDP deflator is 62.5.     d. nominal GDP is $800, real GDP is $500, and the GDP deflator is 160.
Knowledge Booster
Similar questions
  • Suppose that in the nation state of Craiglandia there are 2 final goods produced in the economy – food and clothing. Suppose the economy produces 10 units of food and 5 units of clothing in 2000 (the base year), and 10 units of food and 10 units of clothing in 2015. Further suppose the price of food was $2.00 per unit in 2000, and $3.00 per unit in 2015; whereas the price of clothing was $2.00 in 2000 and $2.00 in year 2015. What was the nominal GDP for Craiglandia in 2015? What was the real GDP for Craiglandia in 2015? The GDP deflator for Craiglandia, for 2015, is _______; and it follows that Craiglandia experienced _______between 2000 and 2015.
    In the city of Paradise, government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas at $10 each Rent of apartment, $600 per month Gasoline and car maintenance, $100 Phone service, $50 In the year following the base year, the survey taker determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance has risen to $120, and phone service has dropped in price to $40. a). Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year. b). The family's nominal income rose by 5% between the base year and the subsequent year. Is the family worse off or better off in terms of what its income is about to buy?
    1.    DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. Comment on the planned price changes. Would a 10% price reduction have been better for some or all of the products?
    Recommended textbooks for you
  • Economics: Private and Public Choice (MindTap Cou...
    Economics
    ISBN:9781305506725
    Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
    Publisher:Cengage Learning
    Macroeconomics: Private and Public Choice (MindTa...
    Economics
    ISBN:9781305506756
    Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
    Publisher:Cengage Learning
    Brief Principles of Macroeconomics (MindTap Cours...
    Economics
    ISBN:9781337091985
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
  • Essentials of Economics (MindTap Course List)
    Economics
    ISBN:9781337091992
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
    Principles of Macroeconomics (MindTap Course List)
    Economics
    ISBN:9781285165912
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
    Principles of Economics (MindTap Course List)
    Economics
    ISBN:9781305585126
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
  • Economics: Private and Public Choice (MindTap Cou...
    Economics
    ISBN:9781305506725
    Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
    Publisher:Cengage Learning
    Macroeconomics: Private and Public Choice (MindTa...
    Economics
    ISBN:9781305506756
    Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
    Publisher:Cengage Learning
    Brief Principles of Macroeconomics (MindTap Cours...
    Economics
    ISBN:9781337091985
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
    Essentials of Economics (MindTap Course List)
    Economics
    ISBN:9781337091992
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
    Principles of Macroeconomics (MindTap Course List)
    Economics
    ISBN:9781285165912
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning
    Principles of Economics (MindTap Course List)
    Economics
    ISBN:9781305585126
    Author:N. Gregory Mankiw
    Publisher:Cengage Learning