1. Suppose that people consume only three goods, as shown in this table: TENNIS TENNIS BALLS RACQUETS...
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1. Suppose that people consume only three goods, as shown in this table:
TENNIS TENNIS BALLS RACQUETS GATORADE 2001 price $2 $40 $1 2001 quantity 100 10 200 2002 price $2 $60 $2 2002 quantity 100 10 200
a. What is the percentage change in the price of each of the three goods? What is the percentage change in the overall price level?
b. Do tennis racquets become more or less expensive relative to Gatorade? Does the well-being of some people change relative to the well-being of others?
Explain.
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