1. The following table shows the average retail price of butter and the Consumer Price Index from 1989 to 29191 scaled so that the CPI = 199 in 1989. 1989 1999 2999 2919 CPI 199 158.59 298.98 218.99 Retail price of butter (saited, grade AA, per ib.) $1.88 $1.99 $2.52 $2.88 (a) Calculate the real price of butter in 1989 dollars. Has the real price increased / decreased I stayed the same from 1989 to 2999? Born 1989 to 2919? (b) 'What is the percentage change in the real price [1989 dollars) from 1989 to 2999? From 1989 to 2919? (-3] Convert the CPI into 1999 = 199 and determine the real price of butter in 1999 doilars. (d) 'What is the percentage change in the real price (1999 dollars) from 1989 to 2999? Compare this with your answer in {b}. What do you notice? Explain