Question 19 In an imaginary economy, consumers buy only X and Y. The fixed basket consists of 6 units of X and 4 units o

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Question 19 In an imaginary economy, consumers buy only X and Y. The fixed basket consists of 6 units of X and 4 units o

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Question 19 In An Imaginary Economy Consumers Buy Only X And Y The Fixed Basket Consists Of 6 Units Of X And 4 Units O 1
Question 19 In An Imaginary Economy Consumers Buy Only X And Y The Fixed Basket Consists Of 6 Units Of X And 4 Units O 1 (245.38 KiB) Viewed 25 times
Question 19 In an imaginary economy, consumers buy only X and Y. The fixed basket consists of 6 units of X and 4 units of Y. Year 2020 2021 Price per X $30 $40 Price per Y $20 $25 i) Determine the cost of the basket for 2020 and 2021. (3 marks) ii) Calculate the consumer price index for 2020 and 2021, using 2020 as the base year. (4 marks) iii) Determine the inflation rate and interpret the results. (3 marks)
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