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. Problems and Applications Q5 Consider the effects of inflation in an economy composed of only two people: Clancy, a bean farmer, and Eileen, a

. Problems and Applications Q5

Consider the effects of inflation in an economy composed of only two people: Clancy, a bean farmer, and Eileen, a rice farmer. Clancy and Eileen both always consume equal amounts of rice and beans. In 2019 the price of beans was $5, and the price of rice was $3.

Suppose that in 2020 the price of beans was $10 and the price of rice was $6.

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