Question
hi, step by step explanations please, with explanations on what are the formulas, how the formulas is used , thanks (a) Calculate the total &
hi, step by step explanations please, with explanations on what are the formulas, how the formulas is used , thanks
(a) Calculate the total & annual % increase in nominal expenditure from 1996 to 2013
(b) Calculate the total & annual inflation from 1996 to 2013
(c) Calculate the total&annual increase in real consumption(realGDP)
(d) Compare the numbers in (a), (b) and (c) and explain the relations between them.
(e) Suppose a person's nominal income has been growing in line with the overall inflation rate. Over time, is this person: better off, worse off, or just as well off?
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