For the same model economy, (Data is given below) assume period 2 as the base time period.Recalculate (SHOW ALL THE STEPS INCLUDING RELEVANT UNITS)

(i): CPI for Period 1, 2 and 3

(ii): Rate of inflation between

• (a) Period 1 and 2
• (b): Period 1 and 3
• (c): Period 2 and 3

Entry Ticket

Burger

PaniniSandwich

Dr.Pepper

Quantity

6

12

4

10

Year 1

$5.00

$2.00

$12.00

$1.25

Year 2

$6.00

$2.50

$12.50

$1.40

Year 3

$6.50

$3.00

$13.00

$1.50