Problem sets will be accepted for baff credit until 11:59pm on Saturday, October 23, 2021. Zero credit after that. TO ENSURE PROPER GRADING, WRITE YOUR ANSWERS IN THE AREA INDICATED. 1. (2 points total) Recall the example from question 3 on Problem Set 2, where the Quantities Prices (in $) fictional planet Irata produces only three 2020 2021 2020 2021 goods: food, energy, and smithore: food 16 18 24 30 energy 14 17 51 43 smithore 11 9 33 35 As you calculated in part a) of that question, this table shows the total GDP for 2020 and 2021, in both 2020 prices and 2021 prices Using 2020 prices... Using 2021 prices... . ..and 2020 ...and 2021 . ..and 2020 ...and 2021 quantities quantities quantities quantities food 24-16 = 384 24-18 = 432 30-16 = 480 30-18 = 540 energy 51.14 = 714 51-17 = 867 43-14 = 602 43-17 = 731 smithore 33-11 = 363 33.9 = 297 35-11 = 385 35.9 = 315 total GDP 1461 1596 1467 1586 In part b) of that question you solved for the growth rate of nominal GDP, and in parts c) and d) you calculated the growth rate of real GDP by using the prices of 2020 consistently or by using the prices of 2021 consistently. a. Now use these numbers to calculate the rate of inflation between 2020 and 2021 using the 2020 quantities as the fixed basket of goods. Show your work. Express your answer as a percentage and round to one decimal place. [HINT: Which two cells in the last row were calculated using 2020 quantities?] rate of inflation using the 2020 quantities as the fixed basket page 1 of 6