1 answer

Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn...

Question:

Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn Drinks of soda 2017 Price $5.00 $3.00
QUESTIONS Use the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base p
QUESTION 10 Use the table in the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 r
QUESTION 9 Use the table in the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 re
Use the table below to answer 3 questions: Q uantity Item Movie tickets Bags of popcorn Drinks of soda 2017 Price $5.00 $3.00 $1.00 Price $8.00 $4.00 $1.25
QUESTIONS Use the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2018 prices. What is the value of the CPI for the reference base period, 2017? A. 100 B.150. C. 140. 0.67.
QUESTION 10 Use the table in the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2018 prices, What is the inflation rate from 2017 to 2018? A 50% B. 20%. C. 40% D.30%.
QUESTION 9 Use the table in the attachment to Quiz #2 to answer this question: The information in the table gives the 2017 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2018 prices What is the value of the CPI for 2018? A 140 B.150. C. 67. D. 100

Answers

Q8. Option A

CPI for 2017 = sum product of market basket goods = (4*5+2*3+4*1) = $30

So, CPI of 2017 = (Market basket of 2017/Market basket of 2017)*100 = (30/30)*100

Q9. Option B

Market basket of 2018 using 2017 = (4*5+2*3+4*1) = $30
Market basket of 2018 using 2018 = (4*8+2*4+4*1.25) = $45
CPI of 2018 = (45/30)*100 = 150

Q10. Option A

Inflation rate = (CPI of 2018-CPI of 2017)/CPI of 2017)*100 = ((150-100)/100)*100 = 50%

.

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