In an imaginary economy, consumers buy only razors and cologne. The fixed basket consists of 6 razors and 4 bottles of cologne. A razor cost $20 in 2009 and $25 in 2010. A bottle of cologne cost $30 in 2009 and $40 in 2010. Using 2009 as the base year, which of the following statements is correct?
a. For the typical consumer, the number of dollars spent on razors is equal to the number of dollars spent on
cologne in each of the two years.
b. The consumer price index is 310 in 2010.
c. The rate of inflation is 29.17% in 2010.
d. None of the above is correct.

C) The rate of inflation is 29.17% in 2010.

Explanation:

the price of the basket in 2009 (base year) = ($20 x 6) + ($30 x 4) = $120 + $120 = $240

the price for the basket in 2010 = ($25 x 6) + ($40 x 4) = $150 + $160 = $310

inflation rate = [(CPI 2010 - CPI 2009) / CPI 2009] x 100 = [($310 - $240) / $240] x 100 = 29.17%

answer; i believe the correct answer is (75 years);

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.