Question
The table below shows Consumer Ys monthly purchases during 2019, 2020 and 2021. Prices Quantities Consumed per Month (2019) (2020) (2021) (2019) (2020) (2021) Tacos
The table below shows Consumer Ys monthly purchases during 2019, 2020 and 2021.
| Prices | Quantities Consumed per Month | |||||
| (2019) | (2020) | (2021) | (2019) | (2020) | (2021) | |
| Tacos | $5.00 | $5.80 | $6.00 | 7 | 5 | 12 |
| Burritos | 9.00 | 9.50 | 9.25 | 5 | 6 | 7 |
a. Calculate the value of Consumer Ys 2019 shopping basket using first 2019 price, then 2020 prices and finally 2021 prices. Enter your responses rounded to 2 decimal places.
| Year | Price |
| 2019 | $ .. |
| 2020 | $ .. |
| 2021 | $ .. |
b. If 2019 is used as the base year, what is the 2019 value of Consumer Ys price index? What is the 2020 value? The 2021 value?
| Year | Price Index |
| 2019 | .. |
| 2020 | .. |
| 2021 |
c. Using 2019 as the base year, what is the inflation rate between 2019 and 2020? Between 2020 and 2021?
Inflation rate between 2019 and 2020 %..
Inflation rate between 2020 and 2021 %.
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Retail Management A Strategic Approach
Authors: Barry Berman, Joel Evans, Patrali Chatterjee
13th Edition
0133796841, 9780133796841
