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- Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What is the amount spent each year on the basket of fruit with the quantities shown in column 2?Suppose that we have the following price data Year Price of Gasoline Price of Soda 1987 $.89 per gallon $.35 per 16 oz. bottle 2005 $ 2.39 per gallon $1.49 per 16 oz. bottle a) Calculate the percentage change in the price of each good. b) Calculate the percentage change in the relative price of gasoline in terms of soda. Year Relative Price of Gasoline 1987 $.89 / .35 = 2.54 2005 $ 2.39 /1.49 = 1.60 c) Why do we only worry about relative prices in economics?Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000Qty. (lb) 2000Price ($/lb) 2009Price ($/lb) Halibut 75,290 2.01 2.33 Lobster 83,080 3.62 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut ? Lobster ? Tuna ? (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) I2009 = ?? Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.) Seafood prices have Up/down by ? % over the 9-year period according to the index.
- Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.Seafood 2000 Qty. (lb) | 2000 Price ($/lb) | 2009 Price ($/lb)Halibut 75,090 1.91 2.33Lobster 83,080 3.72 3.09Tuna 50,779 1.87 1.97(a)Compute a price relative for each type of seafood. (Round your answers to one decimal place.)Seafood Price RelativeHalibut 122.0 Lobster _________ Tuna 105.3 (b)Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)I2009 = ___________ Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)Seafood prices have decreased by ______ % over the 9-year period according to the index.Consider that the quantity of Milk A sold will increase by 50%, the sales revenue of Milk A will decrease by 25%, and the price is determined by sales revenue divided by quantity sold. Which of the following best describes the expected change in Milk A's price in April, compared to March? January February March Milk A Quantity Sold Sales Revenue Quantity Sold 500 800 400 $3,000 $4,400 $2,400 Milk B 1200 1500 950 Select the single best answer: A. increase by 25% B. decrease by 50% C. decrease by 25% D. decrease by 15% E. no change Sales Revenue $5,000 $6,000 $4,400 Quantity Sold Milk C 600 550 700 Sales Revenue $3,400 $3,300 $5,000Question 2. Consider follwoing quantity and price at current time(t) and base time(b). Quantity(base) Price(base) Quantity(current) Price(current) 10 2 12 2.5 12 3 15 3 Calculate Laspeyres and Passche price and quantity index. Intepret results.
- Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 Qty. (Ib) 2000 2009 Price ($/lb) Seafood Price ($/lb) Halibut 75,090 2.01 2.33 Lobster 83,080 3.72 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut Lobster Tuna (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) I2009 = Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.) Seafood prices have increased v by | % over the 9-year period according to the index.The table below lists the prices and quantities consumed of three different goods from 2018-2020. 2018 2019 2020 Good Price ($) Quantity Price ($) Quantity Price ($) Quantity A 12 10 16 18 5 B 5 18 3 30 4 25 1 10 2 10 a. For 2018, 2019, and 2020, 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. 2018 2019 2020 Consumer expenditure $ $ $ Instructions: Round your answers to one decimal place. b. The percentage change in the amount the consumer paid is % from 2018 to 2019, and % from 2019 to 2020. c. It is problematic to use your answers to part b as a measure inflation because (Click to select) v Instructions: Round your answers to one decimal place. d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was| % from 2018 to 2019, and % from 2019 to 2020.…10. A market supply and demand analysis The following graph shows the monthly demand and supply curves in the market for teapots. Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quant supplied at that price. You will not be graded on any changes you make to this graph. PRICE (Dollars per teapot) 80 72 64 56 48 32 16 8 0 Demand Supply 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Teapots) The equilibrium price in this market is $ Graph Input Tool Market for Teapots Price (Dollars per teapot) Price (Dollars per teapot) Shortage or Surplus 48 32 Quantity Demanded (Teapots) per teapot, and the equilibrium quantity is 16 Shortage or Surplus Amount (Teapots) 310 Quantity Supplied (Teapots) teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus and whether this places…
- Soal 31 The quantity of iPods that people plan to buy this month depends on all of the following EXCEPT the Select one: a price of an iPod. b technology used to produce an iPod. c price of CD players d. price of a music download from iTunesThe table below shows the price and quantity on three food items in 2021 and 2023. item Packet of Chips Soft drink can Muffin 2021 Price 28.50 13.00 9.00 OA. 125.33 OB. 105.67 O C. 94.79 OD. 133.51 Quantity 50 35 120 2023 Price 30.00 14.50 9.50 Calculate the Laspeyres Quantity Index for the dataset above Quantity 70 55 138Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit Submit
