10. Assume that apple tost 0.93 euro in year 2002 and 1.4 euro in year 2007, while orange cost 1.4 euro in year 2002 and 0.93 euro in year 2007. The production in year 2002 was 14 apples and 13 oranges and in year 2007 was 13 apples and 14 oranges. CPV100 for year 2002 (when year 2007 is used as base period and its production as the typical composition of consumer's basket) is O 1.1879 O 1.1151 O 0.9849 O 1.0151

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.