Question 2: A small nation of ten people idolizes the TV show Canadian Idol. All that the ten people produce and consume are karaoke machines and CDs, in the following amounts:

Karaoke Machines CDs

2017 2017

Quantity 1 3

Price $40 $10

2018

Quantity 2 $60

Price 5 $12

Using a 5 steps method of consumer price index, compute the percentage change in the overall price level from 2017 to 2018. Use 2017 as the base year. Make sure in doing all the steps in order so that you don't miss anything.