Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased...

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Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. For these data, the inflation from 2011 to 2012 is Quantity Price Quantity Price Item (2011) (2011) (2012) (2012) Sneakers 2 $50 3 $70 Manicures 1 $30 2 $40 20% 5% 10% 38% Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. For these data, the inflation from 2011 to 2012 is Quantity Price Quantity Price Item (2011) (2011) (2012) (2012) Sneakers 2 $50 3 $70 Manicures 1 $30 2 $40 20% 5% 10% 38%

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Price of the consumption basket in the base year 2011 2 x 50 1 x 30 100 30 130 Expe... View the full answer