Please check to see if I did this practice correctly and if not, show me the correct
Fantastic news! We've Found the answer you've been seeking!
Question:
Please check to see if I did this practice correctly and if not, show me the correct calculations. Thanks.
Transcribed Image Text:
AP Macroeconomics Practice: Investigate Inflation Full Name: (print clearly) Good and unit Coffee, pounds Gasoline, gallons Cereal, boxes Electricity, kwh Milk, quarts 1. Complete the table below by calculating the total basket price and the price level for 2006, 2007 and 2008, assuming that the base year is 2004 with a total basket price of $163. User Name: Quantity b. From 2007 to 2008 inflat 3 30 5 200 12 Total Price level 2. Calculate the inflation rate for each of these periods: a. From 2006 to 2007 Price in 2006 $10.25 $3.50 $4.25 $0.11 $1.75 19.86 19.86/163 X/00 =12.18% CPI 2008 - CPI 2007) / (CPI 2007) CPIX 41- inflation rate= CPI 2007- CPI 2006)/CPI 2006) 211.25-2005 20025 x 100 =(5.62 LY Price in 2007 $10.30 $3.85 $4.25 $0.11 $1.80 182-211. 25/2 11.25x100 = = 13.84 Date: 20.31 20.31/16 5x100= 12.4690 Page 1 of 1 Price in 2008 $10.50 $2.90 $4.50 $0.10 $1.75 CPI in 2006= (3x10,25) + (30x3.50) + (5 x 4,25) + (200 x 11) + (12 x1-75) = 200; CPI in 2007 = (3x (0₁3) + (30 x 3,85) + (5 x 4, 2) + (200x. 11) +(12x1.80) = 2 11.25 CPI in 2008 = (3x 10.5) + (30x2.4) + (5 x 41,5) + (200,01) + ((2x1,75-) = 182 19.75 19.75/163 = x 100 = 12.196 -0.24 AP Macroeconomics Practice: Investigate Inflation Full Name: (print clearly) Good and unit Coffee, pounds Gasoline, gallons Cereal, boxes Electricity, kwh Milk, quarts 1. Complete the table below by calculating the total basket price and the price level for 2006, 2007 and 2008, assuming that the base year is 2004 with a total basket price of $163. User Name: Quantity b. From 2007 to 2008 inflat 3 30 5 200 12 Total Price level 2. Calculate the inflation rate for each of these periods: a. From 2006 to 2007 Price in 2006 $10.25 $3.50 $4.25 $0.11 $1.75 19.86 19.86/163 X/00 =12.18% CPI 2008 - CPI 2007) / (CPI 2007) CPIX 41- inflation rate= CPI 2007- CPI 2006)/CPI 2006) 211.25-2005 20025 x 100 =(5.62 LY Price in 2007 $10.30 $3.85 $4.25 $0.11 $1.80 182-211. 25/2 11.25x100 = = 13.84 Date: 20.31 20.31/16 5x100= 12.4690 Page 1 of 1 Price in 2008 $10.50 $2.90 $4.50 $0.10 $1.75 CPI in 2006= (3x10,25) + (30x3.50) + (5 x 4,25) + (200 x 11) + (12 x1-75) = 200; CPI in 2007 = (3x (0₁3) + (30 x 3,85) + (5 x 4, 2) + (200x. 11) +(12x1.80) = 2 11.25 CPI in 2008 = (3x 10.5) + (30x2.4) + (5 x 41,5) + (200,01) + ((2x1,75-) = 182 19.75 19.75/163 = x 100 = 12.196 -0.24
Expert Answer:
Answer rating: 100% (QA)
Here are the solutions to the practice problems on the image step by step 1 Complete the table below ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these economics questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In 2017, Barlow moved from Chicago to Miami to start a new job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Barlow was not reimbursed for any of these...
-
AI Banking provides banks web access to sophisticated financial information and analysis systems. The company combines these tools with benchmarking data access, including e-mail and wireless...
-
1. Mr. Van Dam is hitting a ball from the fairway toward the green. He chooses a 5-iron and strikes the ball with a velocity of 48.5 m/s at an angle of 35.0 above the horizontal. Assuming the fairway...
-
Apex, Inc., had Sales Revenue of $47 million, Sales Returns and Allowances of $2 million and Sales Discounts of $0.5 million in 2010. Cost of goods sold was $24 million, and net income was $7 million...
-
Read the case XYZ Company: An Integrated Capital Budgeting Instructional Case and answer the following question: Should the replacement asset be purchased? That is, does it make economic (financial)...
-
! Required information [The following information applies to the questions displayed below] Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4...
-
A headlight produced by Enterprise Lumiere was found to be defective. The company has three factories (labeled below as A. B, and C) where such headlights are manufactured. A Quality Control Manager...
-
The process to manufacture custom machine parts involves two departments. Assume that manufacturing overhead is applied using direct labor hours in Department One and machine hours in Department Two....
-
Does annual ROE quantify value creation for shareholders during the year?
-
Describe two uses of ratios.
-
Indicate which category (profitability, liquidity, financial leverage) the following ratios belong to. a. Return on equity b. Cash/Assets c. Debt/Equity d. Return on assets e. Current ratio f....
-
After the holiday season, at the end of its annual reporting period, a toy manufacturer estimates that some of the toys it holds with a historical cost of $700,000 are unsaleable. Which entries, if...
-
Discuss the implications of regression toward the mean for the changing shape of the wage distribution across generations.
-
PLEASE WRITE A 1500-2000 WORD ESSAY ABOUT " FINANCIAL MODELING & VALUATION ANALYST (FMVA) CERTIFICATION" 1-Introduction 2-Body Paragraph 3-General details such as (conditions to fulfil with...
-
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected...
-
Jan has two jobs during 2012. One employer withheld and paid FICA taxes on $66,600 of Jan's salary, and the other employer withheld and paid FICA taxes on $44,400 in salary paid to Jan. Calculate the...
-
Cedar Corporation has an S corporation election in effect. During the 2012 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2012, the corporation paid...
-
In 2012, Lou has a salary of $54,000 from her job. She also has interest income of $1,700. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a...
-
Refer to Exercise 5. Four of the eight students are from Middle Georgia State University. What is the probability that all three of the interviewed students are from Middle Georgia State University?
-
The law of large numbers states that as a probability experiment is repeated, the proportion of times that a given outcome occurs will approach its probability. In Exercises 912, determine whether...
-
The following table presents numbers of U.S. workers, in thousands, categorized by type of occupation and educational level. a. What is the probability that a randomly selected worker is a college...
Study smarter with the SolutionInn App