\"As the world is getting in-depth knowledge of economics, some economic concept
ID: 1247840 • Letter: #
Question
"As the world is getting in-depth knowledge of economics, some economic concepts are becoming more acceptable day by day. The concept of inflation is one of such concept which became popular during the last century. Two mostly used inflation measurement methods around the world are CPI (Consumer Price Index) and GDP (Gross Domestic Product) deflator. Now, one method is getting popularity in the world with the passage of time over the other method of measuring inflation.
You are required to comment on the major distinction between CPI index and GDP deflator and which method of inflation measurement has advantage over others and on what specific grounds?"
Explanation / Answer
you divide the consumed total utility by the quantity of mangoes. So you would get 10, then 9, then 8, etc...until the last number is 3. Then you draw the curve with quantity of mangoes on the horizontal axis then the consumed total utility on the vertical. The curve should go up to the peak at 5 and 6 then the curve starts coming back down
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