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Bread is an inferior good for Jacob and wine is a normal good.In 2017, Jacob buys 4 loaves of bread and 4 flasks of wine
Bread is an inferior good for Jacob and wine is a normal good.In 2017, Jacob buys 4 loaves of bread and 4 flasks of wine a week.From 2017 to 2018, Jacob's income rises from 1,000 a month to 1,200 a month. Inflation from 2017 to 2018 is 10%.In 2018, Jacob still buys 4 loaves of bread and 4 flasks of wine a week. What happens to the price for bread and wine in percentage? Calculations would be great.
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