Question: Answer the following questions about inflation: a. What would be the effect of unexpected inflation on each of the following? Retirees on fixed incomes Workers

Answer the following questions about inflation:
a. What would be the effect of unexpected inflation on each of the following?
Retirees on fixed incomes
Workers
Debtors
Creditors
Shoe-leather costs
Menu costs
b. How would your answers change if the inflation was expected?

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