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April 24, 2014

Homework Help: economics help!!!

Posted by shelby on Tuesday, September 26, 2006 at 10:21pm.

5.1998 Price Quantity
cauliflower $200 100
broccoli $ 75 50
carrots $ 50 500
Total $325

Weight of each good
weight for cauliflower 200/325= 0.61532
weight for broccoli 75/325= 0.2307692
weight for carrots 50/325=0.1538461


Prices in the base year
cauliflower 200/100=$2
broccoli 75/50=$1.5
carrots 50/500=$0.1

1999 Price Quantity
cauliflower $225 75
broccoli $120 80
carrots $100 500
Total $445

Weight of each good
weight for cauliflower 225/445=0.5056179
weight for broccoli 120/445=0.2696629
weight for carrots 100/445=0.2247191
Prices in the base year
Cauliflower 225/75=$3
broccoli 120/80=$1.5
carrots 100/500=$0.2

Percentage change in price
Cauliflower $2 to $3 50% increase
Broccoli $1.5 to $1.5 0% change
Carrots $0.1 to $0.2 0.5% increase
ARE THESE PERCENTAGE CHANGE IN PRICE CORRECT???



They look good to me except for the last one...is it 0.1 to 0.2 equal to 0.5% increase or 100% increase...hmmm

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