question archive The table below lists the prices and quantities consumed of three different goods from 2016-2018 Good 01 po 2016 PICOU QUARTED 10 2017 Price Quantity 10 2010 Price Quantity 10 5 Instructions: In parta, enter your answers as a whole number

The table below lists the prices and quantities consumed of three different goods from 2016-2018 Good 01 po 2016 PICOU QUARTED 10 2017 Price Quantity 10 2010 Price Quantity 10 5 Instructions: In parta, enter your answers as a whole number

Subject:EconomicsPrice: Bought3

The table below lists the prices and quantities consumed of three different goods from 2016-2018 Good 01 po 2016 PICOU QUARTED 10 2017 Price Quantity 10 2010 Price Quantity 10 5 Instructions: In parta, enter your answers as a whole number. For all other parts, round your answers to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers For 2016, 2017, and 2018, determine the amount that a typical consumer pays each year to purchase the quantitles listed in the table above 2016 2017 2010 b. The percentage change in the amount the consumer paid was % from 2016 to 2017 and from 2017 to 2018 c. It is problematic to use your answers to part bas a measure of inflation because [Click to select d Suppose we take 2016 as the base year, which implies that the market basket is foed at 2016 consumption levels. Using 2016 consumption levels, the rate of inflation was o% from 2016 to 2017 and from 2017 to 2018 (Hint First calculate the cost of the 2016 market basket using each year's prices and then find the percentage change in the cost of the basket) e. Repeat the exercise from part d, now assuming that the bose year is 2017 Using 2016 consumption levels, the rate of inflation was % from 2016 to 2017 and s from 2017 to 2018 Hint First calculate the cost of the 2016 market basket using each year's prices and then find the percentage change in the cost of the basket) Your answers from parts d and e were different because

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