a. What is inflation rate? (3 marks) b. Explain three challenges with the use of CPI as a measure of cont of living. ( 9 marks) c. Suppose residents of Lapaz consume only 3 goods: laptops, phones and tablets as iflustrated in the table below. i. Compute the percentage change in price of tablets between 2008 and 2009 ; and between 2009 and 2010, (4 marks) ii. What is the percentage change in phone production between 2008 and 2009 ; and between 2009 and 2010? ( 4 marks) iii. Using the CPI, compute the inflation rate between 2008 and 2009 ; and between 2009 and 2010 (use 2008 as the base year), (10 marks)