-The Tables Above Give the Purchases of a Typical Consumer

question 137

Essay

$$\begin{array} { | l | c | c | } \hline { \text { Item } } & \begin{array} { c } \text { Quantity } \\( 2012 )\end{array} & \begin{array} { c } \text { Price } \\( 2012 )\end{array} \\\hline \text { Meals } & 100 & \$ 10.00 \\\hline \text { Parking } & 50 & \$ 100.00 \\\hline\end{array}$$
$$\begin{array} { | l | c | c | } \hline { \text { Item } } & \begin{array} { c } \text { Quantity } \\( 2013 )\end{array} & \begin{array} { c } \text { Price } \\( 2013 )\end{array} \\\hline \text { Meals } & 100 & \$ 12.00 \\\hline \text { Parking } & 50 & \$ 97.50 \\\hline\end{array}$$
-The tables above give the purchases of a typical consumer in a country comprised of one large city.These consumers purchase only restaurant meals and parking.The year 2012 is the reference base period.
a) Find the total cost of the CPI basket for 2012 and 2013.
b) What is the CPI in 2012 and in 2013?
c) What is the inflation rate between 2012 and 2013?

Comprehend the geological time scale and how different layers of rock and their contents are used to date events in Earth's history.

Recognize the causes and effects of mass extinctions on the evolution and diversity of life.

Understand the methods used for dating fossils and geological events, including absolute dating and the significance of radiometric techniques.

Gain an insight into the history of life on Earth, including the estimated ages of key evolutionary milestones.

---

Definitions:

Tax Burden

The total amount of taxes paid by individuals or businesses, often expressed as a percentage of income or GDP.

Elasticity

The indicator of the responsiveness of the demand or supply of a product to shifts in key factors like price or income.

Perfectly Elastic

A perfectly elastic demand or supply refers to a situation where the quantity demanded or supplied changes infinitely in response to any change in price, represented by a horizontal line on a graph.

Tax Burden

The measure of taxes that an individual or business is required to pay, expressed as a percentage of income or profit.