Question: Question II: Answer the following Questions: (2 X 3 = 6 Marks) 1. The CPI in 1970 was 38.8 and in 1998 the CPI

Question II: Answer the following Questions: (2 X 3 = 6 Marks)

Question II: Answer the following Questions: (2 X 3 = 6 Marks) 1. The CPI in 1970 was 38.8 and in 1998 the CPI was 163.0. If the real value of a 1970 litre of milk in terms of 1998 rupee 0.70, what was the nominal price of milk in 1970?

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