question archive Suppose the residents of an economy consume only peaches and pecans, Table 2 below shows the prices and quantity of peaches and pecans consumed for two consecutive years
Suppose the residents of an economy consume only peaches and pecans, Table 2 below shows the prices and quantity of peaches and pecans consumed for two consecutive years
Subject:EconomicsPrice: Bought3
Suppose the residents of an economy consume only peaches and pecans, Table 2 below shows the prices and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Assume 2000 is the base year. Table 2 Year 2000 2001 Peaches Price Quantity Price $11 10 $6 $9 20 $10 Pecans Quantity 10 10 6. Using the data in Table 2. What is the consumer price index for 2001? 240 O 200 O 120 100 7. Using the data in Table 2. What was the inflation rate in 2001? * O 16.7% 20% O 10% O 8%
