Note that the CPI-based rate of inflation between 2021 and 2022 in the baseline scenario provided is 9.6%. Suppose, instead of remaining at 40, the quantity of gasoline in 2022 rose to 80. What would be the rate of inflation? Instructions: Round your answer to one decimal place. b) Select the sentence from the list below that best explains your answer to part a). multiple choice The CPI-based rate of inflation goes up to reflect the higher quantity of gasoline in 2022. The CPI-based rate of inflation falls because the lower gasoline price in 2022 is now applied to a higher quantity. The CPI-based rate of inflation is unchanged because it calculates the change in the cost of a fixed-weight basket of goods and services based on the quantities from 2021. . The CPI-based rate of inflation is unchanged because current expenditure is unaffected by quantity changes in 2022. A Consumer Price Index (with Inflation) YEAR 2022 (BASE YEAR) Good Rent (2-BR apartments) Hamburgers Movie tickets Gasoline (gallons) Constant Expenditure Current Expenditure Quantity 1 60 10 40 Price (0-$900) 600.00 2.00 7.00 1.50 Expenditure $600.00 $120.00 $70.00 $60.00 $850.00 $850.00 Reset YEAR 2023 Good Rent (2-BR apartments) Hamburgers Movie tickets Gasoline (gallons) Constant Expenditure Current Expenditure Quantity 1 60 10 40 Price (0-$900) 650.00 2.50 8.00 1.30 Expenditure $650.00 $150.00 $80.00 $52.00 $932.00 $932.00 Reset CPI CPI 2022 $850.00 $850.00 = 100.0 Rate of Inflation = 9.6% CPI 2023 = $932.00 $850.00 = 109.6