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Table 1:

 Item PriceQuantity 

7 

4 

1 

$9001 

6 Gasoline for car 

6 

9 PSU Sporting Events $714 

Table 2:

   2011 Basket for ‘typical college student’2012 Basket for ‘typical college student’ Item PriceQuantity Item PriceQuantity BJC Concerts $60 7 BJC Concerts $804 Rent 

$900

1 Rent $9001 Gasoline for car $20 6 Gasoline for car $306 PSU Sporting Events $10 9 PSU Sporting Events $714   9.Assuming 2011 is the base year, fill out Table 1 on Exam Sheet 2 to answer this question.Assuming 2011 is the base year, what is the price index in 2012 and the inflation rate for the ‘typical college student’ between 2011 and 2012?  10.Assuming 2012 is the base year, fill out Table 2 on Exam Sheet 2 to answer this question.Assuming 2012 is the base year, what is the price index in 2011 and the inflation rate for the ‘typical college student’ between 2011 and 2012?  11.Why is your answer in Question 10 above different than your answer in Question 9? Be as specific as possible explaining why the typical college student behaved the way they did. 12.What is the chain – weighted rate of inflation for the ‘typical college student?