On an island off the coast of Peru, consumers buy only avocados and mangoes. This year, the CPI implied an annual inflation rate of 29.55%. A government study found that the average household consumes 5 avocados. If the price of avocados was $4 last year, $5 this year, and the price of mangos was $6 last year and $8 this year, how many mangoes are in the consumption basket? a. 10 b. 2 c. 5 d. 4

On an island off the coast of Peru, consumers buy only avocados and mangoes. This year, the CPI implied an annual inflation rate of 29.55%. A government study found that the average household consumes 5 avocados. If the price of avocados was $4 last year, $5 this year, and the price of mangos was $6 last year and $8 this year, how many mangoes are in the consumption basket? a. 10 b. 2 c. 5 d. 4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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