In a Simple Economy,people Consume Only Two Goods: Food and Clothing.The

question 181

Essay

In a simple economy,people consume only two goods: food and clothing.The market basket of goods used to compute the CPI has 50 units of food and 10 units of clothing.
Food Clothing
Last year's price $4$ $10
This year's price $6 $20
a.What are the percentage increases in the price of food and in the price of clothing?
b.What is the percentage increase in the CPI?
c.Do these price changes affect all consumers to the same extent? Explain.

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Definitions:

Placenta

An organ that develops in the uterus during pregnancy, providing oxygen and nutrients to the fetus while removing waste products.

Responsiveness

The quality of reacting quickly and positively to changes or to the needs, suggestions, or requests of others.

Sound

Audible frequencies that propagate through the air or another carrier and are perceptible when they make contact with a human or animal's ear.

Fetal Development

The stage of human growth within the womb from conception to birth.