Library Ge y! S&P 500 (^... Bb] Welcome, D.. M Question 4 -... Untitled doc... Computer In... M Question 4 - LECTURE 01. Chapter 8: Pre-lecture Homework i Saved Help Save & Exit Submit 2016 2017 2018 Good 4 Price ($) Quantity Price ($) Quantity Price ($) Quantity 10 14 8 18 18 30 25 10 10 Instructions: In part a, enter your answers as a whole number. For all other parts, round your answers to two decimal places. If you are 25 entering any negative numbers be sure to include a negative sign (-) in front of those numbers. points Skipped a. For 2016, 2017, and 2018, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. 2016 2017 2018 eBook $ $ References b. The percentage change in the amount the consumer paid is % from 2016 to 2017 and 1% from 2017 to 2018. c. It is problematic to use your answers to part b as a measure of inflation because ( (Click to select) d. Suppose we take 2016 as the base year, which implies that the market basket is fixed at 2016 consumption levels. Using 2016 consumption levels, the rate of inflation is % from 2016 to 201/and 1% from 2017 to 2018. (Hint: First calculate the cost of the 2016 market basket using each year's prices and then find the percentage change in the cost of the basket.) e. Repeat the exercise from part d, now assuming that the base year is 2017. Using 2017 consumption levels, the rate of inflation is [ % from 2016 to 2017 and [ % from 2017 to 2018. (Hint: First calculate the cost of the 2017 market basket using each year's prices and then find the percentage change in the cost of the basket.) 107 16 utvezto.mheducation.com Ly) SAP 500 ( [th] My Black M 1 - Chapter Untitled do Computer M 4 - Chapter... Chapter 7: Post-lecture Homework i Saved Help Save & Exit Submit Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing parts of the table. Use 2016 as the base year. Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest whole number. Price of Quantity of Price of Quantity of orange beach beach ball Nominal GDP Real GDP Inflation Year oranges ($) balls ($ ) ($) ($) GDP deflator rate (%) 2016 700 1.50 800 5. 00 2017 700 1. 00 950 7.50 2018 650 1. 75 1400 8. 75 K FEB 16 AChapter 8: Pre-lecture Homework i Saved Help Save & Exit Subscribing to the theory that life is indeed a beach, the residents of La Playa spend all of their money on three things: Every year, they collectively buy 225 bathing suits, 620 bottles of sunscreen, and 450 beach towels. Item (amount purchased) Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Bathing suits (225) $8. 00 $12. 00 $14. 00 $19.00 Sunscreen (620) 3.50 5.50 5.50 6.50 25 Beach towels (450 5.50 5. 75 6.50 8.50 points Instructions: In part a, round your answers to the nearest whole number. In part b, round your answers to one decimal place. eBook Use the data in the table above to calculate the following. References a. The total cost of this basket each year from 2015 through 2018. Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Total cost of a basket b. How much the cost of this basket has changed from year to year in percentage terms. 2015-2016 2016-2017 2017-2018 Percentage change in total cost of basket Prev 1 of 4 Next > FEB astv OM 2 - Chapter.. Saved Help Save & Chapter 8: Pre-lecture Homework 2 Suppose a typical American consumer purchases three goods, creatively named good A, good B, and good C. The prices of these goods are listed in the table below. Good Price in 2017 ($) Price in 2018 ($) 12 18 5 25 points Skipped Instructions: Round your answers to two decimal places. a. If the typical consumer purchases two units of each good, the percentage increase in the price paid by the consumer for this basket between 2017 and 2018 is: eBook References 7% b. If the typical consumer purchases 10 units of good B and 2 units of both good A and good C, the percentage increase in the price paid by the consumer for this basket is: c. The percentage price change is: always positive. determined by the relative quantities of the goods and the relative price change for those goods. influenced more by the quantities of the goods in the basket. O influenced more by the relative change in prices of the goods in the basket. 44 107 FEB 16 astv AM 3 - Chapter.. Untitled doc Computer In. M 4 - Chapter Chapter 8: Pre-lecture Homework Saved Help 3 Using the data in the table below, calculate the CPI and the inflation rate in each year, using 2013 as a base year. Instructions: Round your answers to one decimal place. Year Cost of Basket ($) CPI Inflation Rate 2013 20,000 nts 2014 21,400 2015 22,800 Book 2016 26, 150 rences 2017 28,840 2018 32,600