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3. This question studies how inflation has varied across time and space in the United States. a. Using FRED. acquire the following data series: Consumer

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3. This question studies how inflation has varied across time and space in the United States. a. Using FRED. acquire the following data series: Consumer Price Index for All Urban Con sumers: All Items [FRED Code \"'CPIAUCSL") Consumer Price Index for All Urban Consumers: All Items in San FranciscoOaklandHayward, CA (FRED Code "CUURA422SAU"), Consumer Price Index for All Urban Consumers: All Items in DetroitWarrenDearborn, MI {FRED Code "CUURAZUSSAU" ] With all these data series. focus on on the data from 1990 and on, at an annual frequency. For the aggregation method use "end of the period." Revised: September 12, 2022 Economics of Global Business Problem Set #1 b. Graph the all three CPI's [the level, not the growth rate) on a welllabeled figure. Construct a similar table as that displayed below, by computing the annual growth rates {see notes on Computing growth to calculate annual rates) of the CPI by location and over 10 year horizons. 19902090 2000-2010 2019-2021 19902021 Growth Rate of CPI: All Urban Consumers Growth Rate of CPI: SF Area Growth Rate of CPI: Detroit Area c. Speculate as why the cost of living has grown differentially in the San Francisco Metropolitan area relative to the Detroit Metropolitan area. Hint: In FRED you can find CPI's by location for housing. And in FRED you can find CPI's by location less shelter (i.e. not including housing or rent]. d. Suppose that you are a twin. And you and your twin graduated from NYU in 1939. Your twin took a job in Detroit and has remained there. And her nominal salary increased with the rate of the CPI for All Urban Consumers You took a job in San Francisco and your nominal salary increased with the rate or the CPI of All Urban Consumers. Who is better off you or your twin? In a narrow sense? In a broad sense? Why or why not? Please provide an argument for and an argument against

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