Economics.

Flag question Suppose in the base year, a typical market basket purchased by an urban family cost $500. In year 1 the same market basket cost $1,000. Use commas for your answers. a. What is the consumer price index (CPI) for year 1? (3 points) CP1 1 = $ -100 b. If the same basket cost $1,500 in year 2, what is the consumer price index (CPI) for year 2? (3 points) CP1 2 = $ 100 c. What was the annual rate of inflation for year 2? (3 points) IR = -010 100 = 0%