see the attached:

Suppose the residents of Mediaville spend all of their income on books, CDs, and iPhones. In 2019, they buy 50 books for $6 each book, 10 CDs for $2 each CD, and 12 iPhones for $100 each iPhone. In 2020, they buy 85 books for $10 per book, 600 CDs for $6 each CD, and 12 iPhones for $500 each iPhone. Assume that the market basket for the CPI is defined in the base year. Show all steps in your calculation for full credit. 1. Using 2019 as the base year, what is the CPI in 2019? 2. Using 2019 as the base year, what is the CPI in 2020? 3. Using 2019 as the base year, what is the inflation rate in 2020? 4. Assume that you are working as an economist for a famous musician, the Weeknd, who made $1,000,000 in 2019. Based on your calculations above, how much would he have to make in 2020 dollars in order to have the same real income in 2020 as he had in 2019? (i.e. convert the income that he made in 2019 into 2020 dollars). 5. What are the three differences between the GDP deflator and the CPI? Use three bullet points and one brief sentence each to state these differences. Keep your answer short, precise but clear