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need help with second part Next question Ruth is a senior citizen who consumes food and health care. When she retired in 2002, she consumed
need help with second part
Next question Ruth is a senior citizen who consumes food and health care. When she retired in 2002, she consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $51. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ruth consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ruth using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is 175.21 (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been percent over the 10-year period from 2002 to 2012. (Enter your response rounded to two decimal places.)Step by Step Solution
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