34. A household consumption survey reveals that the 2018 2019 typical household pays rent on one...

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34. A household consumption survey reveals that the 2018 2019 typical household pays rent on one small flat, takes 10 taxi rides, and eats 20 meals outside the home, $3,000 $2,100 Housing (monthly rent) $350 Transportation (per ride) $300 each month. The prices for these consumption items at the end of each year are shown in the table. Meals $500 $600 a) Using 2018 as the base year, calculate the value of the consumer price index for each year. 12 points] b) What is the inflation rate in 2019. [6 points] c) If your salary went from $1 million in 2018 to $1.08 million, show whether you have had a real increase. [2 points 34. A household consumption survey reveals that the 2018 2019 typical household pays rent on one small flat, takes 10 taxi rides, and eats 20 meals outside the home, $3,000 $2,100 Housing (monthly rent) $350 Transportation (per ride) $300 each month. The prices for these consumption items at the end of each year are shown in the table. Meals $500 $600 a) Using 2018 as the base year, calculate the value of the consumer price index for each year. 12 points] b) What is the inflation rate in 2019. [6 points] c) If your salary went from $1 million in 2018 to $1.08 million, show whether you have had a real increase. [2 points

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