Consider a very simple economy which produces only five goods and services: milk, cheese, cotton, shirts, and haircuts. 50% of the cotton is used in the production of shirts and 100% of milk is used in the production of cheese. Suppose the quantities produced and their corresponding prices for 2020 and 2021 are shown in the table and assume 2020 is the base year. All answers must be two decimals and show all formulae and workings. 2020 '2021 Quantity Price 3 Quantity Price 8 Milk 1000 3 1200 3.50 Cheese 250 6 275 7 Cotton 800 1 "1000 1.25 Shirts 100 30 :120 35 Haircuts 200 25 :210 30