Calculate the CPI and the inflation rate in 2014. The people on Coral Island buy only juice
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Calculate the CPI and the inflation rate in 2014.
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013. The average household spent $60 on juice and $30 on cloth in 2013 when juice was $2 a bottle and cloth was $5 a metre. In 2014, juice is $4 a bottle and cloth is $6 a metre.
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Related Book For 
Microeconomics Canada In The Global Environment
ISBN: 9780321931184
9th Edition
Authors: Robin Bade, Michael Parkin
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