Short Answer
Your typical entertainment bundle consists of 20 movie tickets, 160 meals in restaurants, and 3 hotel stays. Suppose that last year, each movie ticket cost you $9, each restaurant meal cost you $45, and each hotel stay cost you $650. This year, each movie ticket still costs you $9, each restaurant meal costs you $49, and each hotel stay costs you $675.
(a) What was the cost of your entertainment bundle last year?
(b) What is the cost of your entertainment bundle this year?
(c) What is the rate of inflation or deflation between the two years?
Correct Answer:
Verified
Correct Answer:
Verified
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