Please refer to table in attached image.

1.The small country of Nittanyville produces only 3 things: tutoring hours, iced teas, and baseball cards. Below are the production and the prices of those 3 things over a 4-year period.

Assume that the average urban family of four in Nittanyville consumes 3 hours of tutoring, 4 iced teas and 5 packs of baseball cards.

a.If the base year is 2016, calculate the CPI for Nittanyville for each year.

b.Calculate the inflation rate in the year 2015 using the CPI information.

2.The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010?

3.The nominal minimum wage at the end of 1995 was $4.25. At the end of 1968 the nominal minimum wage was $1.60. At the end of 1995 the CPI was 156.9. At the end of 1968 the CPI was 35.5. Which minimum wage, 1968 or 1995, had a higher purchasing power? Please show your work.

1. The small country of Nittanyville produces only 3 things: tutoring hours, iced teas, and baseball cards. Below are the production and the prices of those 3 things over a 4-year period. Good/ 2014 2014 2015 2015 2016 2016 2017 2017 Service Price Quantity Price Quantity Price Quantity Price Quantity Tutoring $30.00 15 $35.00 15 $35.00 20 $40.00 25 Iced Tea 100 $1.50 125 $1.75 120 $2.00 130 Baseball $3.00 45 $3.00 50 $3.50 60 $4.00 65 Cards Assume that the average urban family of four in Nittanyville consumes 3 hours of tutoring, 4 iced teas and 5 packs of baseball cards. a. If the base year is 2016, calculate the CPI for Nittanyville for each year. b. Calculate the inflation rate in the year 2015 using the CPI information. 2. The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010? 3. The nominal minimum wage at the end of 1995 was $4.25. At the end of 1968 the nominal minimum wage was $1.60. At the end of 1995 the CPI was 156.9. At the end of 1968 the CPI was 35.5. Which minimum wage, 1968 or 1995, had a higher purchasing power? Please show your work