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ECS2602 Assignment 3 Semester 1 Memo | Due 24 April 2026. All questions fully answered. Question 1: (2 marks)
In the online lesson, Dr. Kennedy-Palmer uses a simple example to ensure students do not confuse the concepts of constant inflation and rising or falling inflation.
Complete the following questions.
Assume the inflation rate remains 10%.
(a)
What is the price of our basket going to be in year three? __________________
(b)
What is the price of our basket going to be in year four? ___________________
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