A small nation of ten people idolizes the TV show Canadian Idol All that the ten people produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price 2014 10 $40 30 $10 2015 12 60 50 12 Use the consumer price index to compute the inflation rate. Use 2014 as the base year and fix the basket at 2 karaoke machines and 3 CDs. 一 Use the GDP deflator to compute the 2015 inflation rate. Also use 2014 as the base year.

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A: Hi student, Thanks for posting the question. As per the guideline we are providing answer for the…

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