Suppose your basket of univeristy eduvation consisted of only 4 items (hypothetical costs) which are listed on the following table. The annual quantity of items is fixed in both 2019 and 2020.

(a) using 2019 as the base year, how much has your university education price index increased?

(b) If your pay increased by 5 per cent from 2019 to 2020, are you better off based on the information in the above table?