The table below shows the price of coffee(1 cup) and pencils in Econland. Year Price of coffee Price of pencils 2016 0.8 0.14 2017 1.3 0.2 2018 1.9 0.29 Suppose the market basket is 50 cups of coffee and 100 pencils. Assume the base year is 2018. What is the CPI in 2016? Round your answer to two decimal places. Example: 87.3467 should be input as 87.35 QUESTION 3 Inflation as measurement by the consumer price index is known to have an upward bias (measuring inflation too high). Explain the elements (more that one!) of the CPI measurement that cause this problem. T T T Arial 3 (12pt)