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April 24, 2014

Homework Help: economics

Posted by shelby on Monday, September 25, 2006 at 10:33pm.

Suppose that people consume only three goods, as shown in this table: (5 Marks)


Tennis Balls
Tennis Racquets
Gatorade

1998 price $2
$40
$1

1998 quantity 100
10
200

1999 price $2
$60
$2

1999 quantity 100
10
200



What is the percentage change in the price of each of the three goods?

What is the percentage change in the overall price level?

Do tennis racquets become more or less expensive relative to Gatorade?

Does the well-being of some people change relative to the well-being of others? Explain.


Again, take a shot. If you know how to calculate the CPI (from your previous post), you will have no trouble with this one.

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