In the city of Paradise, government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: 20 pizzas at $10 each Rent of apartment, $600 per month Gasoline and car maintenance, $100 Phone service, $50 In the year following the base year, the survey taker determine that pizzas have risen to $11 each, apartment rent is $640, gasoline and maintenance has risen to $120, and phone service has dropped in price to $40. a). Find the CPI in the subsequent year and the rate of inflation between the base year and the subsequent year. b). The family's nominal income rose by 5% between the base year and the subsequent year. Is the family worse off or better off in terms of what its income is about to buy?

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