Compute the cpi for 2004 2005 amp 2006 with 2004 as the

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Reference no: EM13453547

 

Market Basket Good

 

2004 Price

 

2004 Quantity

 

2005 Price

 

2005 Quantity

 

2006 Price

 

2006 Quantity

Oil Change

$18

4

$20

4

$24

4

Tires

$50

2

$45

1

$45

2

Wiper Blades

$4

2

$4

1

$3

1

Engine Oil

$2

30

$5

27

$20

25

1. Calculate the CPI for 2004, 2005 & 2006 with 2004 as the base year. Show your formula.

2. What is the rate of inflation between 2005 and 2006? Show your formulas.

3. What is the 2006 price of engine oil in 2004 dollars? Show your formula.

4. What is the 2004 price of tires in 2005 dollars? Show your formula.

5. What is real GDP in 2005 and 2006? What is nominal GDP in 2005 and 2006? Show your formulas.

Here is information on employment in Hogsmeade for 2005:

Hogsmeade's population - 2,000

Persons under 16 - 100

Persons in Institutions - 20

Persons in Military - 200

Persons Unwilling to Work - 50

Persons Working - 1,450

6. What is Hogsmeade's current labor force? CNIP?

7. What is the current employment rate, unemployment rate and labor force participation rate in Hogsmeade?

Reference no: EM13453547

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