28 A typical family on Sandy Island consumes only juice and cloth. Last year, which was the...
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28 A typical family on Sandy Island consumes only juice and cloth. Last year, which was the reference base year, the family spent €40 on juice and €25 on cloth. Last year, juice was €4 a bottle and cloth was €5 a metre. This year, juice is €4 a bottle and cloth is €6 a metre. Calculate:
a The CPI basket.
b The CPI in the current year.
c The inflation rate in the current year.
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Related Book For
Economics
ISBN: 9781118150122
10th European Edition
Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews
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