Let’s consider the effects of inflation in an economy composed of onlytwo people: bob, a bean farmer, and rita, a rice farmer. bob and ritaboth always consume equal amounts of rice and beans. in 2010, theprice of beans was $1, and the price of rice was $3.a. suppose that in 2011 the price of beans was $2 and the price ofrice was $6. what was inflation? was bob better off, worse off, orunaffected by the changes in prices? what about rita? b. now suppose that in 2011 the price of beans was $2 and the priceof rice was $4. what was inflation? was bob better of , worse off, or unaffected by the changes in prices? what about rita?
c. what matters more to bob and rita-the overall inflation rate orthe relative price of rice and beans?
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Let’s consider the effects of inflation in an economy composed of onlytwo people: bob, a bean farme...
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