An economy produces the following products: burgers and coffee. Use information in the following table to...

 

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An economy produces the following products: burgers and coffee. Use information in the following table to calculate Table 1: Prices and quantities Base Year Price (2010) Product Quantity Burgers Coffeee 8 15 $2 $4 Price (2018) $2.1 $4.50 Price (2019) $2.50 $4.50 (a) Total cost of the consumption basket consisting of 8 burgers and 15 cups of coffee in 2010, 2018 and 2019. (2 marks) (b) Consumer Price Index for years 2018 and 2019 that measures the cost of the consumption basket relative to the base year. (2 marks) (c) Inflation rate for 2019. (2 marks) An economy produces the following products: burgers and coffee. Use information in the following table to calculate Table 1: Prices and quantities Base Year Price (2010) Product Quantity Burgers Coffeee 8 15 $2 $4 Price (2018) $2.1 $4.50 Price (2019) $2.50 $4.50 (a) Total cost of the consumption basket consisting of 8 burgers and 15 cups of coffee in 2010, 2018 and 2019. (2 marks) (b) Consumer Price Index for years 2018 and 2019 that measures the cost of the consumption basket relative to the base year. (2 marks) (c) Inflation rate for 2019. (2 marks)

Answer rating: 100% (QA)

a Total cost of consumption basket in 2010 Burgers 8 2 16 Coffee 15 4 60 Total 16 60 76 20... View the full answer