EASY Economics HW I NEED Done TODAY Any takers?

MACRO HOMEWORK #5P

PRICE UNEMPLOYMENT REAL GDP

Use Handout #13, #14 and Chapters 4 & 5

Market Basket Good	2004 Price	2004 Quantity	2005 Price	2005 Quantity	2006 Price	2006 Quantity
Oil Change	$18	4	$20	4	$24	4
Tires	$50	2	$45	1	$45	2
Wiper Blades	$4	2	$4	1	$3	1
Engine Oil	$2	30	$5	27	$20	25

1. Calculate the CPI for 2004, 2005 & 2006 with 2004 as the base year. Show your formula.

2. What is the rate of inflation between 2005 and 2006?

Show your formulas.

3. What is the 2006 price of engine oil in 2004 dollars?

Show your formula.

4. What is the 2004 price of tires in 2005 dollars?

Show your formula.

5. What is real GDP in 2005 and 2006? What is nominal GDP in 2005 and 2006?

Show your formulas.

Here is information on employment in Hogsmeade for 2005:

Hogsmeade’s population – 2,000

Persons under 16 – 100

Persons in Institutions – 20

Persons in Military – 200

Persons Unwilling to Work – 50

Persons Working – 1,450

6. What is Hogsmeade’s current labor force? CNIP?

7. What is the current employment rate, unemployment rate and labor force participation rate in Hogsmeade?

8/11/12