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Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $100, and 500 carrots for $50. In 2009, they buy 75 heads of cauliflower for $240, 80 bunches of broccoli for $180, and 500 carrots for $100.
a) Calculate the price of each vegetable in each year.
Year Cauliflower Broccoli Carrots
2008
2009
b) Using 2008 as the base year, calculate the CPI for each year.
c) What is the inflation rate in 2009?
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If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
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