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Measuring the Cost of Living The table below relates to the economy of EU Land, where the typical consumer's market basket consists of 5 books

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Measuring the Cost of Living The table below relates to the economy of EU Land, where the typical consumer's market basket consists of 5 books and 10 calculators. Given 2018 as a base year. Year Price of a Book Price of a Calculator 2018 $24 $9 2019 $30 $11 2020 $32 $12 a) Calculate the price of the basket in each year. b) Calculate CPI of each year. c) Calculate inflation rate for 2019 and 2020

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