Table 5-3ProductCokesHamburgersCDsYear199619971998Base Year (2013)Price$0.50Quantity10020010CPI1571611632.0020.001.) Refer to Table 5-3. Assume the market basket for the consumer price index has three products Cokes, hamburgers, and CDs-with the following values in 2013 and 2018 for price and quantity: The Consumer Price Index (CPI) for 2018 equals2018Price$0.752.5021.002.) Refer to table above. Consider the following values of the consumer price index for 1996, 1997, and 1998: The inflation rate for1997 was equal to3.) The substitution bias in the consumer price index refers to the idea that consumersin response to price, and the CPI does not reflect this andA) change; overestimatesB) change; underestimatesC) do not change; overestimatesD) do not change; underestimatesthe quantity of products they buythe cost of the market basket.

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Answered: Table 5-3 Product Cokes Hamburgers CDs…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 4.8P

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Part C 3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for unleaded gasoline from sales during the past eight months. Month Gasoline Demanded (gallons) Mar 900 Given that the forecast for March is 920. Apr 755 May 650 Jun 550 Jul 625 Aug 730 Sept 820 Oct 1 100 a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25. b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45. c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them. d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)
Question 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.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.
MOER The table below shows how supply and demand Price ($/gal) Demand (million of gal.) 1 1.2 790 700 1.4 640 1.6 580 1.95 497 2.2 450 2.4 430 2.6 420 2.8 390 3 360 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): -21.935p² + 207.365p+339.085 Round your answer to 3 decimal places S(p) ● D(p): = 1.53 • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): 85.561p² - 543.789p + 1236.729 Round your answer to 3 decimal places Video Solve | Sn... of gasoliine vary depending on the price: Supply (million of gal.) 511 550 600 641 660 680 700 720 735 786 605 - • Use the trendlines to find the price…
the following data represents a set do demands that have occurred over the last several years at a soap making company. The data were collected on an annual basis. Year Actual Demand (At) Forecast (Ft) 1 310 2 365 3 395 4 415 5 450 6 465 7 a) using the SIMPLE AVERAGE method to predict the demand for the 7th year b) the SIMPLE MOVING AVERAGE method to predict the demand for the 7th year
Price ($) 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
The basket of goods in the Consumer Price Index consists ofabout _________ products; that is, several hundred specific products in over__________ broad-item categories. a)800; 200 b)80,000; 400 c)200; 800 d)80,000; 200
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. 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 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 55 138
The following graph shows the monthly demand and supply curves in the market for tote bags. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per tote bag) 80 72 64 58 48 40 32 24 16 8 0 X 0 50 100 150 200 250 QUANTITY (Tote bags) Supply 300 350 400 450 500 The equilibrium price in this market is $ Demand Graph Input Tool Market for Tote bags Price (Dollars per tote bag) Quantity Demanded (Tote bags) per tote bag, and the equilibrium quantity is Price (Dollars per tote bag) Shortage or Surplus 48 32 24 Shortage or Surplus Amount (Tote bags) 500 Quantity Supplied (Tote bags) Pressure tote bags 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…
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