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1. Measurement of Inflation (80 points)

There are only four goods in Happy land: Cheese, movie, gasoline, and popcorn. The following table shows the prices and quantities produced of these goods in 2018, 2019, 2020 and 2021:

 

 

2018

2019

2020

2021

Market Basket Items

# of units

$ per unit

Total cost

$ per unit

Total cost

$ per unit

Total cost

$ per unit

Total cost

Cheese

3

1.75

5.25

1.5

4.5

1.5

4.5

1.65

4.95

Movie

2

12

24

13.5

27

15

30

18

36

Gasoline

10

1.25

12.5

1.6

16

1.8

18

2

20

Popcorn

50

1

50

1.05

52.5

1.2

60

1.25

62.5

Total

 

16

91.75

17.65

100

19.5

112.5

22.9

123.45

  1. Fill in blanks in the table (20 points)
  2. Using year 2018 as base year, calculate the index number for each year. (20 points) =

Year 2018 Index = [Current year/Base Year] *100

                            = [91.75/91.75] *100 = 100

Year 2019 Index = [Current year/Base Year]*100

                           = [100/91.75] *100 = 108.99

Year 2020 Index =[Current year/Base Year]*100

                           = [112.5/91.75] *100 = 122.62

Year 2021 Index =[Current year/Base Year]*100

                            = [123.45/91.75] *100 = 134.55

  1. Calculate the inflation rate since the previous year based on your calculation from b. (10 points)

The inflation rate of the year 2019 =(Level in new year−Level in the previous year)/Level in the previous year

                                         = (108.99 – 100)/100 = 0.0899 or 8.99%

Inflation rate of year 2020 =(Level in new year−Level in previous year)/Level in previous year

                                          = (122.62 – 108.99)/108.99 = 0.125 or 12.51%

Inflation rate of year 2021 =(Level in new year−Level in previous year)/Level in previous year

                                         = (134.55 – 122.62)/122.62 = 0.097 or 9.73%

  1.  Using year 2020 as base year, calculate the index number for each year. (20 points)

Year 2018 Index = [Current year/Base Year]*100

                            = [91.75/112.5] *100 = 81.56

Year 2019 Index = [Current year/Base Year]*100

                            = [100/112.5] *100 = 88.89

Year 2020 Index =[Current year/Base Year]*100

                            = [112.5/112.5] *100 = 100

Year 2021 Index =[Current year/Base Year]*100

                           = [123.45/112.5] *100 = 109.73

  1. Calculate the inflation rate since the previous year based on your calculation from d. (10 points)

The inflation rate of the year 2019 =(Level in new year−Level in the previous year)/Level in the previous year

                                          = (88.89 – 81.56)/81.56 = 0.091 or 9.1%

Inflation rate of year 2020 =(Level in new year−Level in previous year)/Level in previous year

                                          = (100 – 88.89)/88.89 = 0.125 or 12.5%

Inflation rate of year 2021 =(Level in new year−Level in previous year)/Level in previous year

                                          = (109.73 – 100)/100 = 0.097 or 9.73%

  1. Refer to the table below and calculate the unemployment rate and labour force participation rate for this simple economy. (20 points)

Total population

20,000

Working-age population

15,000

Employment

10,000

Unemployment

300

Unemployment rate =[Unemployment/(Employed population + Unemployed population)] *100

                                = [300/ (10000 + 300)] *100 = 2.91

Labor force participation rate =Employment/Working Age Population *100

                                               = 10000/15000 *100 = 66.67

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