Real and Nominal GDP: Fill in the blank spaces below. Use year 2008 as a baseyear. HOT DOGS HAMBURGERS % Change % in Change Price Price Nominal Nominal Real in Real Year (each) Quantity (each) Quantity GDP GDP GDP GDP 2008 $ 1 1 0 $2 10 n/ a n/ a 2009 2 10 3 10 20 1 0 3 1 5 4 20 Consumer Price Index {CPD and Ination [Chapter 151: Use the same information from the table above. Step 1. MARKET BASKET, Suppose the average consumer buys 10 hot dogs and 6 hamburgers each year. The market basket for 2008 in $ : The market basket for 2009 in $ : The market basket for 2010 in $: Step 2. CPI. Calculate the CPI for 2008, 2009, and 2010. Keep using year 2008 as the base year, as you did in the previous exercise. CPI for 2010;1narket basket in 2010/market basket in 2008) x 100 : CPI for 2009gmarket basket in 2009/market basket in 2008) x 100 : CPI for 2008: Step 3. INFLATION RATE. Calculate the ination rate between 2009 and 2010 using the CPI values in 2009 and 2010