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Macroeconomics 12th Edition by Michael Parkin
Edition 12ISBN: 978-0133872279Macroeconomics 12th Edition by Michael Parkin
Edition 12ISBN: 978-0133872279 Exercise 8
Use the following data to work Problem.
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice and $30 on cloth in 2013 when juice was $2 a bottle and cloth was $5 a yard. In 2014, juice is $4 a bottle and cloth is $6 a yard.
Calculate the CPI basket and the percentage of the household's budget spent on juice in 2013.
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice and $30 on cloth in 2013 when juice was $2 a bottle and cloth was $5 a yard. In 2014, juice is $4 a bottle and cloth is $6 a yard.
Calculate the CPI basket and the percentage of the household's budget spent on juice in 2013.
Explanation
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CPI basket for this household contains j...
Macroeconomics 12th Edition by Michael Parkin
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