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shepuryov [24]
2 years ago
9

Suppose the consumer price index in 2010 was 100 and its corresponding basket of goods was $23,000. if that same basket of goods

cost $19,000 in 2006, what was the value of the cpi in that year?
Business
1 answer:
Musya8 [376]2 years ago
3 0

The value of the CPI in 2006 is 82.61.

<h3>What is the value of the CPI?</h3>

The consumer price index measures the changes in price of a basket of good. It is used to measure inflation. Inflation is when there is a persistent rise in the general price levels.

CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100

2010 is the base year because its CPI is 100.

(19,000 / 23,000) x 100 = 82.61

To learn more about consumer price index, please check: brainly.com/question/26382640

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Suppose there are 1000 firms in a market and all are identical. Firm A will hire 20 workers when the wage rate is $10, 25 worker
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Answer:

d. the quantity demanded for the market will increase to less than 30,000 workers.

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Missing options:

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maximum total demand for labor = 30 (at $8) x 1,000 firms = 30,000 workers, but since the equilibrium rate had been $9 for many years, some workers have already been hired at $9, and it is usually very difficult to lower someone's wage once they have been working. Even thought the quantity demanded will increase, it will probably not be able to reach 30,000 workers.

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Unlike partial equilibrium analysis, which only examines individual markets, general equilibrium analysis examines the entire economy. In an economy with several markets operating concurrently, general equilibrium illustrates how supply and demand interact and tend toward balance.

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