﻿ A small used delivery van can be purchased for \$18,000. At the end of its useful life (eight years), the van can be sold for \$2,500. Determine
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# A small used delivery van can be purchased for \$18,000. At the end of its useful life (eight years), the van can be sold for \$2,500. Determine the PW of the depreciation schedule based on 10% interest usin

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The typical consumer's food basket in the base year 2015 is as follows: 30 chickens at \$4 each 10 hams at \$5 each 10 steaks at \$8 each a chicken feed shortage causes the price of chickens to rise to \$5.00 each in the year 2016. hams rise to \$7.00 each, and the price of steaks is unchanged. a. calculate the change in the "cost-of-eating" index between 2015 and 2016. year cost of the basket 2015 \$ 2016 \$ instructions: enter your responses rounded to one decimal place. the official cost-of-eating index has by %. b. suppose that consumers are completely indifferent between two chickens and one ham. for this example, how large is the substitution bias in the official "cost-of-eating" index? the in the cost-of-eating index is %. the of inflation in the cost of eating reflects substitution bias.