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Unit 3 Written Assignment Solution

Unit 3 Written Assignment Solution

Q SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. Table 9-6 Base Year Price Product Quantity (2011) Price (2021) Price (2022) Burritos 10 $1.00 $1.50 $1.75 Flashlights 15 5.00 7.00 6.75 Golf balls 8 2.00 3.00 3.50 1) Refer to Table 9-6. Consider a simple economy that produces only three products: burritos, flashlights, and golf balls. Use the information in the table to calculate the total expenditure for 2021 and 2022; the CPI for 2021 and 2022, and the rate of inflation for 2022, as measured by the CPI.

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Solution: 1) Total expenditures for 2011 = (10 × $1.00) + (15 × $5.00) + (8 × $2.00) = $101.00. Total expenditures for 2021 = (10 × $1.50) + (15 × $7.00) + (8 × $3.00) = $144.00. Total expenditures for 2022 = (10 × $1.75) + (15 × $6.75) + (8 × $3.50) = $146.75.