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ECN-220 Module 5 Chapter 7 Problems: Inflation Solutions

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ECN-220 Module 5 Chapter 7 Problems: Inflation Solutions

Introduction to Economics - The National Economy

Grand Canyon University

 

Complete problems 5, 6, and 7 in the textbook.

Textbook: The Economy Today (13th Edition)

 

5. Assuming that the following table describes a typical consumer’s complete budget, compute the item weights for each product.

Item   Quantity        Unit Price

Coffee     20 pounds     $ 5

Tuition       1 year         4,000

Pizza      150 pizzas        10

DVD rental  75 days        2

Vacation     1 week         250

6. Suppose the prices listed in the table for Problem 5 changed from one year to the next, as shown here. Use the rest of the table to compute the average inflation rate.

                   Unit Price

Item       Last Year This Year

Coffee           $ 5       $ 6

Tuition        4,000       5,000

Pizza            10         12

DVD rental 2 1

Vacation 250 300

7. Use the item weights in Figure 7.2 to determine the percentage change in the CPI that would result from a

(a) 10 percent increase in entertainment prices.

(b) 6 percent decrease in transportation costs.

(c) Doubling of clothing prices.

(Note: Review Table 7.4 for assistance.)

ECN-220 Module 5 Chapter 7 Problems: Inflation Solutions Introduction to Economics - The National Economy Grand Canyon University Complete problems 5, 6, and 7 in the textbook. Textbook: The Economy Today (13th Edition) 5. Assuming that th
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