6 . Calculating ination using a simple price index Consider a ctional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. 111e cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 20 17 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 15 2 30 5 |:] S C] Calculators 1 70 70 100 ': 130 H Large coffees 250 2 500 2 |:] 2 C] Energy drinks 50 2 100 4 E 6 E Textbooks 10 120 1,200 150 |:] 180 C] Total cost 1,900 E E Price index 100 |:] C] Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2017 and 2018r the CSPI increased by . Between 2018 and 2019, the CSPI increased by % . which of the following, if true, would illustrate why price indexes such as the CSPI might overstate ination in the cost of going to college? Check all that apply. CI The quality and design of calculators improved dramatically from 2017 to 2019. For example, calculators made in 2019 accept memory cards, whereas those made in 2017 do not, but this quality change is hard to measure. D As the price of textbooks increased, more and more students turned to the used-book market or chose not to buy textbooks at all, instead using the copies on reserve in the library. U Professors required each student to buy 15 notebooks. regardless of the price. :> Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 200 100 N 2021 400 200 2022 N 400 200 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022