Suppose a consumer buys 10 units of good X and 20 units of good Y every year.The following table lists the prices of goods X and Y in the years 2008-2010.Assume that these two goods constitute the typical market basket.Calculate the price indices for these years with 2008 as the base year.Comment on the inflation picture for these years.
Definitions:
Biological Factors
Aspects that are related to the genetic, physiological, and anatomical characteristics of an organism that influence its behavior and development.
Cultural Factors
The social, economic, and political elements that influence and shape the beliefs and practices of a community or society.
Social-structural Factors
Elements of the social structure, such as institutions, hierarchies, and norms that influence or determine individual behaviors and societal patterns.
Québécois
People native to or living in Quebec, Canada, especially those of French Canadian descent and francophone culture.
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