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9. If workers and firms negotiate a wage increase based on their expo inflation, who gains or loses (the workers or the firms) if actual inflation turns out to be higher than expected? Why? 10. There are three measurement problems with the CPI: commodity substitution bias, introduction of new goods, and unmeasured quality change. What is the estimated impact of these biases on the Canadian CPI? D. Practice Problems 1. The following table shows the prices and quantities consumed in the country known as College Canada. Suppose the base year is 2017. (This is also the year in which the typical consumption basket was determined.) Year Price of Quantity Price of Quantity Price of Quantity books of books pencils of pencils pens of pens 2017 $50 800 10 $1 100 100 $5 500 100 1100 2018 $50 60p 12 $1 200 200 $10 2019 $60 7 20 12 250 $20 50 50 $1.50 375 400 20 1495 a. What is the value of the CPI in 2017? 100 b. What is the value of the CPI in 2018? c. What is the value of the CPI in 2019? d. What is the inflation rate in 2018? e. What is the inflation rate in 2019? NEL NEL