Presented below in Table 3 are average household expenditure by age of household head in Country X. Table 3 Age of household head <35

 

Presented below in Table 3 are average household expenditure by age of household head in Country X. Table 3 Age of household head 64 All ages average Average household expenditure ($) Work-related products 31,800 44,360 40,090 35,480 19,660 34,278 Retirement-related products 17,200 25,080 25,100 25,300 24,360 23,408 Total work and retirement related products 49,000 69,440 65,190 60,780 44,020 57,686 Using the information provided in Table 3, carry out the following: [5] i) Estimate the Age Preference Ratios for Retirement-related products and Work-related products (keep 2 decimal places) [2.5] ii) Estimate the Age Product Substitution Index for all age groups (keep 2 decimal places) [2.5] iii) Comment on the results of the Age Preference Ratios for Retirement-related products and Work- related products and the results of the Age Product Substitution Index