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Adam Smith rejected utility as a foundation for value. He illustrates this rejection in his famous diamonds and water paradox.

Quantity Year Price of Quantity Quantity of Potatoes Price of Unemployment Produced Potatoes of Steel of Steel Produced Exported Steel Benefits 2016…

Lets assume that in 2016, a survey found that the average person consumed 2 potatoes and 1 unit of steel each year, while the average firm consumed 2 units of steel and no potatoes each year.Using the information and table provided above, use the CPI to calculate the inflation rate from 2017 to 2019.QuantityYearPrice ofQuantity Quantityof PotatoesPrice of UnemploymentProducedPotatoesof Steelof SteelProduced ExportedSteelBenefits2016100$1200100$2$2002017110$1.121080$2.1$160201890$1.118060$1.8$3002019140$1.225040$2$220
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