Based on the basket of goods in the table below, by what percentage has the cost of living increased between time one and two?
At time one
At time two
Items
Quantity
Price($)
Price($)
Chocolates
10
50
70
Pizza delivery
12
15
10
Bread
8
60
50
Vacation trips
5
400
420
Based on the basket of goods in the table below, by what percentage has the cost of living increased between time one and two?
|
At time one |
|
|
At time two |
|
Items |
Quantity |
Price($) |
Price($) |
|
Chocolates |
10 |
50 |
70 |
|
Pizza delivery |
12 |
15 |
10 |
|
Bread |
8 |
60 |
50 |
|
Vacation trips |
5 |
400 |
420 |
Related textbook solutions
Related questions
Use the following table to answer the question below. Cloe is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 40 cents and hard candies 80 cents each. The marginal utilities derived from the consumption of each product are as shown in the following table
|
Number of Items |
Marginal Utility of Chocolates |
Marginal Utility of Hard Candies |
|
1 |
60 |
150 |
|
2 |
50 |
140 |
|
3 |
40 |
120 |
|
4 |
30 |
100 |
|
5 |
20 |
80 |
|
6 |
10 |
70 |
|
7 |
5 |
50 |
|
8 |
0 |
20 |
a) Based on taste and preference alone, which good does Cloe prefer?
- chocolates
- hard candies
- Cloe equally likes chocolates and hard candies.
- One cannot tell from the given data.
b) If Cloe buys either chocolates or hard candies one piece at a time, what will be her first two purchases?
- a hard candy, followed by another hard candy
- a hard candy, followed by a chocolate
- a chocolate, followed by a hard candy
- a chocolate, followed by another chocolate
The table below represents the hourly output and cost structure for a local pizza shop. The market is perfectly competitive, and the market price of a pizza in this area is $10. Total cost includes all implicit opportunity costs. Calculate the pizza shop's marginal cost and marginal revenue at each rate of output and fill in the values in the table.
|
Total Hourly Output and Sales of Pizzas |
Total Hourly Cost ($) |
Total Revenue ($) |
Total Economic Profit ($) |
Marginal Cost ($) |
Marginal Revenue ($) |
|
0 |
6 |
0 |
0 |
- |
- |
|
1 |
10 |
10 |
0 |
||
|
2 |
12 |
20 |
8 |
||
|
3 |
13 |
30 |
17 |
||
|
4 |
15 |
40 |
25 |
||
|
5 |
19 |
50 |
31 |
||
|
6 |
25 |
60 |
35 |
||
|
7 |
33 |
70 |
37 |
||
|
8 |
43 |
80 |
37 |
||
|
9 |
55 |
90 |
35 |
||
|
10 |
71 |
100 |
29 |
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