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please do it in 10 minutes will upvote B6AF114 III. Shown below are the mean monthly income of workers and the consumer price index (CPI)
please do it in 10 minutes will upvote
B6AF114 III. Shown below are the mean monthly income of workers and the consumer price index (CPI) for 2018 - 2020. The CPI is based in 2015. 2018 2019 2020 Mean Monthly Income (E) 2,250 2,340 2,330 Consumer Price Index 102.5 | 105.2 | 109.4 a. Calculate the rate of inflation in 2019 and 2020. Round your answer to one decimal place. (2 marks) b. Calculate the inflation-adjusted income for each year, in terms of 2015 prices. (2 marks) c. On average, were these workers better off in 2020 than in 2019? Explain your answer. (2 marks)Step by Step Solution
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