Questions on Project – Macro

Nikole Ellison has been asking some very good questions about the project. Here is a quick synopsis of them and my answers, some of which you also heard in class yesterday (Wednesday).

I’m expecting the paper on Monday. I’m expecting the update presentation on Monday December 11.

Dr Hartman,
Sorry to bug you again over the project I just want to make sure I understand everything. Now when find ing the average price of books a student do we just ask a cetain amount of students from each major how much they spent and then find the average from that and then do the same for the rest of the items in the market basket? And for the paper does each person in the group need to write their own paper or can it be one paper written by everyone in the group?
Once again sorry to be such a bother. Thank you very much.

No problem. One paper for the group. By signing it you agree that all participated equally and are worthy of the same grade.
Also only one presentation for the team.
All should talk, though.

As far as the method, what do you think of just asking them what they spent? How accurate do you think that is? Will they remember exactly what each thing cost? And exactly when did they buy it? Was it early when the price may have been lower or higher than it is now? Or should you try to confirm their data with your own checks by visiting stores? Solid research is largely common sense and attempting to anticipate questions that a critic might ask, and answering them first.

Hello Dr. Hartman,
I have a few questions about the group project that I was hopeing you
could clear up for me. First on the web ct the due date is December 12 and
November 3, but on your blog you mentioned the due date was December 4. Then
in the project you said that we were supposed to pick two different base
months and present one in early November and then a power point presentation
nin December. Someone told me you had already discussed all of this, but yet
they couldn’t amswer any of my questions. I would appreciate it if you could
help me out. Thank you very much.

Good questions. Here are the answers, and what ithink I said in class.

I want to get your team paper on determining te CMA CPI on December 4. It should include the market basket chosen and your prices, and of course your calculations and anything else about your methods. It should also defend your choice of items, and your methods for determining current prices. Tjhis is the base CPI determination.

That was essentially what I asked for in early november on the original handout.

At the end of the term, I want a brief powerpoint presentation updating the index so you see if there is a CPI change or not. That is the change relative to the base.

Hope this is clear. Can you please ask this question tomorrow at the start of class, so I can clarify it for everyone?

Thanks a lot.
bruce