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Macroeconomics 12th Edition by Michael Parkin
Edition 12ISBN: 978-0133872279Macroeconomics 12th Edition by Michael Parkin
Edition 12ISBN: 978-0133872279 Exercise 9
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 and the inflation rate in 2014.
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 and the inflation rate in 2014.
Explanation
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CPI basket for this household contains j...
Macroeconomics 12th Edition by Michael Parkin
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