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3. If your annual income in 2017 was $75,000 and the CPI for 2017 was 245. 12. If you expect your annual income to increase

3. If your annual income in 2017 was $75,000 and the CPI for 2017 was 245. 12. If you expect your annual income to increase to $85,000 in 2018 and CPI is expected to be 247.59 inn2018, estimate your expected increase in real income between 2017 and 2018.

5. Explain from Table 6.1 in this chapter why the inflation rate by using CPI is different than the inflation rate by using GDPD in 2017 with inflation rate is higher in the former method (CPI) than the latter method (GDPD).

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