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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:

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)

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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