Find cost of basket of goods and services, Microeconomics

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Find cost of basket of goods and services

a) Consider the following price indexes: 90 in 2009, 100 in 2010, 110 in 2011, and 121 in 2012. Answer the following questions.

i) What is the base year?

ii) What is the inflation rate from 2009 to 2010?

iii) What is the inflation rate from 2011 to 2012?

iv) If the cost of the consumption basket in 2010 is $2,000, what is the cost of the same basket of goods and services in 2009? In 2012?

b) Currently, the CPI used to calculate the inflation rate is equal to 90. The general expectation throughout the economy is that next year the value of CPI will be 94.5. The current nominal interest rate is 4.75 percent. What is the real interest rate?

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Microeconomics: Find cost of basket of goods and services

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Microeconomics: Find cost of basket of goods and services

Reference No:- TGS0519711

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Microeconomics: Find cost of basket of goods and services

Reference No:- TGS0519711

Recent Questions Asked Microeconomics

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