III. In a particular very small region, the consumer price index, C, depends on the currentvalue of gross regional domestic expenditure E, number of people living in poverty P, andthe average number of household members in a family F, by the following formula:-EpeC = 100 +FIf it is known that the gross regional domestic expenditure is decreasing at a rate of PHP 50per year, and the number of people living in poverty and the average number of householdmembers in a family are increasing at 3 and 1 per year, resp., how fast does the consumerprice index change per year at the moment when E = 1,000, P = 200, andF = 5?

*Answer: Introduction: A rate of change is the relationship between a change in an output quantity…

al domestic expenditure E, number of people living in poverty P, and of household members in a family F, by the following formula: e-Ep C = 100 + F e gross regional domestic expenditure is decreasing at a rate of PHP 50 mber of people living in poverty and the average number of household are increasing at 3 and 1 per year, resp., how fast does the consumer per year at the moment when E = 1,000, P = 200, and F = 5? %3D

al domestic expenditure E, number of people living in poverty P, and of household members in a family F, by the following formula: e-Ep C = 100 + F e gross regional domestic expenditure is decreasing at a rate of PHP 50 mber of people living in poverty and the average number of household are increasing at 3 and 1 per year, resp., how fast does the consumer per year at the moment when E = 1,000, P = 200, and F = 5? %3D

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter18: Poverty And Redistribution

Section: Chapter Questions

Problem 1.1P

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