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6. ! For each of the following events determine the costs of inflation and explain it: a) Due to the increased inflation, Blue Effect, Ltd. decided to publish a new catalog quarterly instead of annually. b) A grandmother gets her pension amounting to CZK 10,000 per month until the end of her life from the First retirement Inc. She is surprised that due to high inflation the price level has tripled within a few years. c) Mary lives in an economy with hyperinflation. On the days she gets paid at work she quickly runs to the store and spends her earnings as fast as she can. d) Josef lives in an economy with an inflation rate of 10%. Over the last year he earned CZK 50,000 from his one million investments in stock. The tax rate is 20 percent, thus he paid CZK 10,000 in taxes. e) Your father is telling you that when he was as old as you are now, he worked for an hourly wage of CZK 30. He argues that you are better off when you are paid CZK 100 per hour