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The inflation rate from 2010 to 2011 for a good j is defined to be Ij = (Pj/pj) ? 1, where pj was the price in 2010 and Pj was the price in 2011 (assuming for simplicity that the prices stayed fixed throughout each given year. For a consumer who consumed x1 units of good 1, x2 units of good 2 and x3 units of good 3 in 2010, the Laspeyres inflation rate from 2010 to 2011 is defined to be L = [(P1x1 + P2x2 + P3x3)/(p1x1 + p2x2 + p3x3)] ? 1. Prove that L is a weighted average of the inflation rates I1, I2 and I3. What are the weights? Find algebraic expressions for them and explain what they measure.
Hint: It may help you to give the label X to the amount p1x1 + p2x2 + p3x3, the consumer’s total spending on the three goods in 2010.
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
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Illustrate what are the monopolist's profit-maximizing price and total output.
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