Consider the effects of inflation in an economy composed of only two people: Jake, a bean farmer, and Latasha, a rice farmer. Jake and Latasha both always consume equal amounts of rice and beans. In 2019 the price of beans was $1, and the price of rice was $4. Suppose that in 2020 the price of beans was $2 and the price of rice was $8. Inflation was I:]. Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Jake O O O Latasha O O 0 Now suppose that in 2020 the price of beans was $2 and the price of rice was $4.80. In this case, inflation was :l . Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Jake O O O Latasha O O 0 Now suppose that in 2020, the price of beans was $2 and the price of rice was $1.60. In this case, inflation was :] . Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Jake O O O Latasha O O Q What matters more to Jake and Latasha? O The overall inflation rate Q The relative price of rice and beans