3. (5 points) For the following given data, fill in space with calculation procedure and answers Step 1 : Survey Consumers to Determine a Fixed Basket of Goods Basket = 4 hot dogs, 2 hamburgerse Step 2 : The Price of Each Good in Each Year Year Price of Hot Dogs Price of Hamburgers 20160 STE 2017+ 20184 5 Step 3 : Compute the Cost of the Basket of Goods in Each Year (a) Is above production function constant returns to Scale (CRS)? Verify your answer (b) Derive production function in per capita terms e, Derive per capita production function in the form of Y/L =A f (K/L). () Assume A= 1.0 K= 100 and L = 25. Solve for the value ofY - (d) Depict the data(Kvalue) and solution (Y/L value) on the above diagram () Suppose the growth rate of Y (GDP) . 5 to and growth rate of L hp2016 2017 . 2018: Step 4 : Choose One Year as a Base Year (2018) and Compute the CPI in Each Year- 2016 . 2017 201874 Step 5 : Use the CP1 to Compute the Inflation Rate from Previous Year 2017 2018 - 3 4. (5 points) Suppose the following diagram is drawn from the Cobb-Douglas Production Function Y = A K^ 0.5 L^0.5 where Y = GDP K = capital stock L - Labor and A = Technology- Y/L hp