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- Need help with this. Thanks! 3. This year Anjun's monthly pay rose from $1000 (last year's rate) to $1100 (this year's rate). During the year the inflation rate for consumer products was 12%. A. What happened to Anjun's nominal income? (up or down, and by what percent?) B. What happened to Anjun's real income? (up or down and by what percent?The shift from AE1 to AE2 will cause equillibrium income to change to a) 50 b) 60 c) 20 d) 75Mary has income of $2000 today and $1000 tomorrow. She can lend and borrow at an interest rate of 20%. There is 10% inflation. Her preferences for intertemporal consumption are represented by the following utility function u(c, c) = min{c1, 2c2} (a) What is her optimal consumption bundle?
- How is GDPaffected by the nominal and effective interest rateswhat happens to fixed income when per capita income increases ? What implications does this have on those on a fixed income (either those who are retired or those working minimum wage jobs ?Personal income PI is Select one: a. All income received by households b. All income earned by households minus personal taxes c. All income received by households minus personal taxes d. None of the answers are correct e. All income earned by households
- Which would be more difficult to forecast 10 years fromnow: the number of 60-year-olds or their average disposable income? Why?A person’s disposable income decreases, and his personal income remains unchanged. This is because of ______. a. Decreased personal taxes b. Increased personal taxes c. Unemployment reasons d. Increased corporate taxesIdentify the part of the personal income which is actually available for consumption a.Consumption income b.Disposable income c.National income d.Taxable incom