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All questions are based on this situation: Consider an economy with only three consumption goods: cocaine, silver, and Doge memes. The following table shows prices
All questions are based on this situation:
Consider an economy with only three consumption goods: cocaine, silver, and Doge memes. The following table shows prices for 2017-2020. Use 2017 as the base year for any relevant calculations. Based on a 2017 survey, the typical consumer has an annual consumption of 20g of cocaine, 10 oz of silver, and 1,000 memes.
Year Price of Cocaine (g) Price of Silver (oz) Price of a Meme 2017 $150 $17 $1 2018 $150 $16 $5 2019 $120 $16 $10 2020 $200 $28 $100Step by Step Solution
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