I wanna know how we solve this exercise Thanks

roduc ncepts (2- nome Q8 (3pt): Both the calculation of real GDP and the calculation of price indices, such as the CPI, require a Base Year. inter Even if the Base Year used for real GDP and the Base Year used for CPI coincide (say, the year 2015), there are analyz differences in how the Base Year is used in both calculations. Briefly describe how information from the Base Year is mic da used in the calculation of the CPI (2-3 sentences) versus the information used in the calculation of real GDP (also 2-3 sentences). You are of course permitted to use illustrative examples. s: Mac cs nor E Q9 (4pt): The fictional economy of the People's Republic of Sherbrookistan ("PRS") provides the following information ee distin for the years 2020 & 2021 shown in the tables below. The Statistical Bureau of the PRS chose 2015 as the Base Year omic Gro for both the Goods Basket used in the calculation of CPI as well as for the prices to calculate GDP. Calculate the th and ir following: ation: wh employm The Real GDP for 2020 e probler The CPI for 2021 ption, inve The Inflation Rate between 2020 & 2021, supposing that the CPI for 2020 is 110.92 ess Cycle Hints: no new products have been introduced to the economy of the PRS since 2010. No new production sector has usiness Cyc been created or destroyed since that time either. The market value of the Goods Basket in the Base Year (2015) is r time. Eco $2037.5. The market value of the Goods Basket in the Year 2020 is $2260. Goods Basket Items Goods Basket Consumption (2015) Prices (2015) Gasoline 00 Pizza $20 Books $15 Skateboards $200 Laptops 0.25 $450 Bookkeeping Service $35 Goods Basket Items Production (2020) Prices (2020) Production (2021) Prices (2021) Gasoline 6000 $2.5 8500 $1.75 Pizza 450 $15 400 $15 Books 120 $18 150 $20 Skateboards $250 $225 Laptops $540 $550 Bookkeeping Service 150 $39 100