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The following table provides the prices and quantities of apples, oranges, and bananas in years 2000 and 2014 consumed by an average household in a hypothetical economy.2000 2014 Products Q1 P1 ($) Q2 P2 ($)Apples 3000 2 4000 3Oranges 6000 3 14000 2Bananas 8000 4 32000 5a. Use 2000 as the base year to compute the consumer price index for both years. (Treat quantities in 2000 as market basket)b. Find the percentage change in CPI between 2000 and 2014.c. Now use 2014 as the base year to compute the consumer price index for both years. (Treat quantities in 2014 as the market basket). d. Find the percentage change in CPI between 2000 and 2014 in part ce. What accounts for the difference in inflation rate in parts b and d?
John and Mary are divorcing. John is demanding that Mary pay him $75,000 of alimony in the first year after the divorce, $50,000 in the second year, and $25,000 in the third and all subsequent years until he dies or remarries. What
Provide an example of economic forces at work. Does this issue affect individual consumers or firms or the economy as a whole?
congress enacted the health insurance portability and accountability act (HIPAA) to potentially help millions of employees gain access to group health insurance. the key provision of HIPAA requires insurance companies and health insurance plans ad..
Assume the government imposed a minimum price of $7 in the schedule of exercise 3. What would occur. Illustrate.
Do comparision with the economics of the two following service producing alternatives.
Q4. What are some arguments against free trade per this documentary Q5. What is the infant-industry argument Q6. Differentiate between import-substituting industrialization and export-oriented industrialization. Which approach has been more succes..
a)A cost minimizing firm's production is given by Q=L^(1/2)K^(1/2). Suppose the desired output is Q=10. Let w=12 and r=4. What is the firms cost minimizing combination of K and L? What is the total cost of producing output? b) Suppose the firm wis..
consider four independent variables for inclusion in a regression model. Select a sample of 30 observations. Results: 1. the model includes independent variables A and B and has a Cp value equal to 4.6. 2. the model that includes independent varia..
Which of the following is now true of his opportunity costs and there is no change in the opportunity costs. B. The opportunity cost of leisure has increased.
In your opinion, do you feel education is important in getting a better job and earning more money. Why or why not? Do you believe there are opportunity costs to furthering your education? If so, what are they? If not, why?
A researcher is interested in the size of the current balance of credit card holders. To estimate this, he obtains the size of the current balance of a random sample of 25 credit card holders. A 90% confidence interval for the mean current balance..
Some apartment buildings hold contests, with monetary prizes, among the residents to see who can grow the prettiest garden. Using the concept of positive externalities, explain why it is worthwhile for the landlord to spend the money on these priz..
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