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Q.9 (7 points) The following table presents the basket of goods consumed by a typical households in a country in 2017 and 2018 respectively. 2017 2018 Coca-Cola 5 cans 7 cans Potato chips 10 bags 8 bags The following table presents the price of each unit of the goods in 2017 and 2018 respectively. 2017 2018 Coca-Cola (each can) $8 $6 Potato chips (each bag) $9 $12 (a) (2 points) We use 2017 as the base year and compute the CPI. What is the CPI in 2018? (b) (2 points) What is the inflation rate from 2017 to 2018 based on the CPI ? (c) (3 points) Does the inflation rate you obtain in part (b) over- or under-estimate the increase of the cost of living to the household from 2017 to 2018? You do NOT have to compute the number, an intuitive explanation based on the data given in the question would be sufficient