Question

Suppose that people consume only three goods, as shown in this table (5+5+5+=15)

Tennis Balls Golf Balls Cars

2016-P rice 2 1 4

2016-Quantity 100 200 100

2017-Price 2 2 6

2017-Quantity 100 200 100

(a)Calculate the percentage change in the price of each of the three goods. Using a method similar to the

consumer price index, compute the percentage change in the overall price level.

(b)Discuss the three problems that make consumer price index an imperfect measure of the cost of living.

(c)Compare consumer price index and GDP deflator, what do you think which measure of cost of living is the

best? Why​

Answer 1

Answer:

2" (and any subsequent words) was ignored because we limit queries to 32 words.

Explanation:

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