1)A typical family on Lizard Island buys only two goodsMangoes and nuts. The cost of the CPI basket at base year prices was $70 ($60 on nuts at $3/bag and $10 on mangoes at $1 each).

In the current year, mangoes are $1.50 each and nuts are $4 a bag.

Calculate:

(a)The quantities of both goods in the CPI basket

(b)The CPI in the current year

(c)The inflation rate between the base year and the current year