Presented below in the Table 1 are the US Department of Commerce (DOC) household expenditure equivalence units and in Table 2 are the average number of people in household, the annual household expenditure by the age of household head, some values of equivalent average annual household expenditure, and the annual household expenditure per capita. Table 1 Household size US DOC Household expenditure Increment equivalence units 1 1.00 2 1.28 0.28 3 1.57 0.29 4 2.01 0.44 5 2.37 0.36 Table 2 Age of household head Average number of people in household Annual household expenditure ($) 74 2 2.8 3.1 2.9 2.3 1.7 1.5 25,500 48,600 59,600 59,210 55,300 40,800 27,600 Equivalent average annual household expenditure ($) 19,922 ? 36,927 38,423 ? 34,114 ? Annual Household expenditure per capita ($) 12,750 17,357 19,226 20,417 24,043 24,000 18,400 [6] i) Using the US Department of Commerce (DOC) household expenditure equivalence units, estimate the equivalent average annual household expenditure in households headed by people aged 25-34, aged 55-64, and aged 74 and above, taking into account the average number of people in the household. [2] [4] ii) Discuss Hump-shaped household expenditure pattern in relation to life-cycle of the consumers. iii) Comparing the values of annual household expenditure, the equivalent average annual household expenditure, and the annual household expenditure per capita, comment on the rationale of using household expenditure equivalence units in estimating equivalent average annual household expenditure