08 Jun Question 1.A consumer expenditure survey reports the followin
Question
1.A consumer expenditure survey reports the following information on entertainment spending:
2005 2006
Price Quantity Price Quantity
Movies $7 5 $8 7
Concerts $30 2 $35 2
CDs $16 7 $15 10
Using 2005 as the base year, by how much does a “cost of entertainment” index increase between 2005 and 2006?
A.
3.86%
B.
8.65%
C.
13.43%
D.
29.41%
Answer: A
2. A consumer expenditure survey reports the following information on consumer protein spending:
2005 2006
Price Quantity Price Quantity
Fish $5 5 $7 7
Chicken $3 10 $4 12
Beef $6 7 $5 10
Using 2005 as the base year, by how much does a “cost of protein” index increase between 2005 and 2006?
A.
5.2%
B.
8.6%
C.
13.4%
D.
14.3%
Answer: C
3.The consumer price index for Planet Econ consists of only two items: books and hamburgers. In 2000, the base year, the typical consumer purchased 10 books for $25 each and 25 hamburgers for $2 each. In 2005, the typical consumer purchased 15 books for $30 each and 30 hamburgers for $3 each. The consumer price index for 2005 on Planet Econ equals:
A.
1.00
B.
1.15
C.
1.25
D.
1.45
Answer: C
I know what the answers are for these 3 questions but I just have no clue how they came to these answers. If you could work each problem step by step it would be highly appreciated.
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