Suppose the people of an economy consume only three goods, namely bread, milk and apples. The market basket of goods used to compute the consumer price index (CPI) consists of 10 units of each good.
Bread Milk Apples
2007 price $ 10 $ 4 $ 6
2008 price $ 15 $ 8 $ 3
a what are the percentage increases in the prices of bread, milk and apples respectively?
b what is the precentage increase in the CPI?
c In light ofthe result that you derived from the above two parts, explain whether all of the consumers will be affected to the same extent by these price changes.
經濟學問題 (十萬火緊)
2008-11-14 6:31 pm
回答 (3)
2008-11-19 2:05 am
✔ 最佳答案
a. what are the percentage increases in the prices of bread, milk and apples respectively? 50%, 100%, -50%b. what is the percentage increase in the CPI? 30% increase
c. In light of the result that you derived from the above two parts, explain whether all of the consumers will be affected to the same extent by these price changes.
Nothing to change because there has a constraint of supplied qty.
If supplied qty without constraint, consumer will make use a part of their substitution to buy some cheaper products I/O expensive products.
However, it is also depending on the ‘elastic ratio’ of different products.
2008-11-14 8:59 pm
can you reply a full answer let me easy to learn thx~
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