Exhibit 1 How did the challenge of high inflation in 2022 af…

Questions

Exhibit 1 Hоw did the chаllenge оf high inflаtiоn in 2022 аffect the spending patterns of the typical household? Let us think about the average annual household expenditures on food items away from home. Food away from home expenditures include spending at restaurants, take-out venues, and all other meals not prepared in one’s home. Let us assume that the data from the Consumer Expenditure Surveys shows that the annual household expenditures on food items away from home in 2022 followed the normal distribution with the average expenditure of $3,639 and the standard deviation of $736. A sample of 16 households was selected. The average annual expenditures on food items in the sample were $2,890 in 2022. Note: Please, note that the unit of observation is household in this exhibit. So, the sample size is equal to 16. You do NOT need to multiply it by the number of people to get the sample size. Reminder:

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