# Let’s consider the effects of inflation in an economy composed of only two people: Bob, a bean…

Let’s consider the effects of inflation in an economy composed of only two people: Bob, a bean…
Let’s consider the effects of inflation in an economy composed of only two people: Bob, a bean farmer, and Rita, a rice farmer Option. Bob and Rita both always consume equal amounts of rice and beans Option. In 2019, the price of beans was \$1 and the price of rice was \$3 Option. a Option. Suppose that in 2020 the price of beans was \$2 and the price of rice was \$6 Option. What was inflation? Solve Did the price changes leave Bob better off, worse off, or unaffected? Solve What about Rita? Solve b Option. Now suppose that in 2020 the price of beans was \$2 and the price of rice was \$4 Option. What was inflation? Solve Did the price changes leave Bob better off, worse off, or unaffected? Solve What about Rita? Solve c Option. Finally, suppose that in 2020 the price of beans was \$2 and the price of rice was \$50 Option. What was inflation? Solve Did the price changes leave Bob better off, worse off, or unaffected? Solve What about Rita? Solve d Option. What matters more to Bob and Rita—the overall inflation rate or the relative price of rice and beans? Solve May 17 2022 08:01 PM

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