02 May Question: ANSWER ONLY PARTS E AND F PLEASE home / study / business / economics / economics questions and an…
ANSWER ONLY PARTS E AND F PLEASE
home / study / business / economics / economics questions and answers / the table below lists the prices and quantities consumed of three different goods from 2010−2012. …
Question: The table below lists the prices and quantities consumed of three different goods from 2010−2012….
The table below lists the prices and quantities consumed of three different goods from 2010−2012.
| 2010 | 2011 | 2012 | ||||
| Good | Price ($) | Quantity | Price ($) | Quantity | Price ($) | Quantity |
| A | 10 | 10 | 15 | 8 | 20 | 5 |
| B | 5 | 18 | 3 | 30 | 4 | 25 |
| C | 1 | 10 | 2 | 5 | 5 | 10 |
a. For 2010, 2011, and 2012, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above.
Instructions: Round your answers to the nearest whole number.
| 2010 | 2011 | 2012 | |
| Consumer expenditure | $ | $ | $ |
Instructions: Round your answers to two decimal places.
d. Suppose we take 2010 as the base year, which implies that the market basket is fixed at 2010 consumption levels. Using 2010 consumption levels, the rate of inflation is% from 2010 to 2011, and % from 2011 to 2012.
Instructions: Round your answers to two decimal places.
e. Repeat the exercise from part d, now assuming that the base year is 2011. Using 2011 consumption levels, the rate of inflation is % from 2010 to 2011, and % from 2011 to 2012.
f. Your answers from parts d and e were different because (Click to select)income has changedthe base years have the same consumption quantitiesthe base years put different weights on the goodsprices have changed.
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