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Presented in the table below are average household expenditure by age group in Country X. Using the information provided: [5] i) Estimate the Age Preference

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Presented in the table below are average household expenditure by age group in Country X. Using the information provided: [5] i) Estimate the Age Preference Ratios for Retirement-related products and Work- related products. [3] ii) Estimate the Age Product Substitution Index for all age groups. [2] iii) Comment on the results obtained in part i) and part ii). (Please keep 4 decimal places for all ratios). Type of expenditure All ages Average household expenditure ($) by age of household head 64 17,168 25,086 25,152 25,200 24,366 23,072 31,802 44,358 40,092 35,494 19,684 34,212 Retirement related Work related Total retirement and work related 48,970 69,444 65,244 60,694 44,050 57,284

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