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Author Question: The table below shows hypothetical monthly cell phone plan fees for the identical service over ... (Read 108 times)

mmmmm

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on: Oct 12, 2022

Question 1

The table below shows hypothetical tuition costs at a Canadian university.

YearTuition
2018$5000
2019$5050
2020$5100
2021$5150
2022$5200

TABLE 2-1

Refer to Table 2-1. Assume that 2020 is used as the base year, with the index number = 100. The value of the index number in 2018 is calculated as follows:
◦ (5100/5000) × 100 = 102.
◦ 5100/5100 = 100.
◦ 5100/5000 = 1.02.
◦ (5000/5100) × 100 = 98.
◦ 5000/5100 = 0.98.

Question 2

The table below shows hypothetical monthly cell phone plan fees for the identical service over several years.

2018$55
2019$50
2020$40
2021$35
2022$25

TABLE 2-2

Refer to Table 2-2. Assume that 2018 is used as the base year, with the index number = 100. The value of the index number in 2021 is calculated as follows:
◦ (35/55) × 100 = 63.64.
◦ 35/55 = 0.64.
◦ (35/100) × 100 = 35.
◦ (55/35) × 100 = 157.14.
◦ 55/35 = 1.57.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by mmmmm on Oct 12, 2022

marufp

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Reply #1 on: Oct 12, 2022
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mmmmm

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Reply 2 on: Oct 12, 2022
Excellent

amcvicar

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Reply 3 on: Yesterday
Wow, this really help

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