Business, 20.02.2020 20:31 granniejo

The BLS has two components of their "basket" of goods and services, A and B. In the past three years, consumption of these was: 2017 2018 2019 PQPQP Q Good A10 2011 2012 21 Good B 100 40 100 45 | 105 45 Table 2: Quantity and price of consumption Suppose the BLS surveyed households in 2017 to set up their basket of goods (a) Compute CPI inflation in 2018 and 2019 using the basket of quanti- ties from 2017 as the base. (b) Compute CPI inflation in 2018 using the basket of quantities from 2017 as the base. Then compute CPI inflation in 2019 using the basket of quantities from 2018 as the base. (c) Should you use 2018 goods to weight quantities for the change from 2018 to 2019 or should you use 2019 quantities? Do it both ways, i. e. now compute CPI inflation from 2017 to 2018 using the basket of quantities from 2018 as the base. Then compute CPI inflation in 2019 using the basket of quantities from 2019 as the base. Average this with your answer from before, congratulations, you've discovered "chain-weighting!" (d) Plot the chain-weighted CPI next to the regular CPI year-year per- centage change. Which is faster?

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The BLS has two components of their "basket" of goods and services, A and B. In the past three years...

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