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What is the inflation rate

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Reference no: EM133219379

Question - A person is a lobster fisherwoman and spends $50 a year in purchasing 5 kilos of lobster at a store in 2010 (the base year) and spends $60 a year in purchasing 4 kilos of lobster at a store in 2013.

She earns her living being a fisherwoman of lobster and her price for what she catches is $5 per kilo in 2010 and $6 per kilo in 2013:

(a) What is the inflation rate between 2010 and 2013 for what she pays for lobster in the store in 2013 compared to what she paid in the base year in 2010?

(b) Is she better off or worse off in 2013 vs. 2010?

Reference no: EM133219379

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