Answer to Question #176955 in Macroeconomics for maarouf

Question

Problem 1

People in Haiti Island live on buying cloth and rice. The CPI basket contains the quantities bought in 2007. The average household spent 30$ on cloth and 40$ on rice when the price of one packet rice is 4$ and that one piece of cloth is 6$. In 2008 the packet of rice costs 5$ and a piece of cloth costs 8$.

Refer to problem 1. The percentage of household’s budget spend on rice in 2007 is equal to ____ *

Answer 1

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