(32)In year 1 and year 2, there are two products produced in a given economy: apples and oranges. Suppose that there are no intermediate goods. In year 1, 10 apples are produced and sold at $4 each, and in year 2, 8 apples are produced and sold at $5 each. In year 1, 2 oranges are sold for $12 each, and in year 2, 5 oranges are sold for $6 each.

What is the CPI for year 2 using year 1 as a base year?

(Show yourwork)

a) 78

b) 160

c) 97

d) none of the above