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Let Pt denote the aggregate price level at time t. The inflation rate from time
t - 1 to t, denoted by τ , is defined as
τt =Pt - Pt -1 , Pt -1
(a) Write the first order homogeneous difference equation for the price level and solve it.
(b) If the annual inflation rate remains stable at 3.5 %, what is the aggregate price index after 10 years? (Hint: the initial price level is the price index at the base year).
(c) After how many years the price level doubles?
Why are cigarettes and alcohol the most heavily taxed items in the US? Now, if the government increases the price of these items by 10%, how does this affect the stores that sell them?
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