The table below lists the prices and quantities consumed of three different goods from 2016-2018. 2016 2017 2018 Good Price ($) A B C 12 5 1 Quantity 10 Price ($) 16 Quantity 8 Price ($) 22 Quantity 4 18 10 3 2 30 5 4 5 25 10 Instructions: In part a, enter your answers as a whole number. For all other parts, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. For 2016, 2017, and 2018, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. 2016 $ 2017 $ 2018 $ % from 2016 to 2017 and % from 2017 to 2018. b. The percentage change in the amount the consumer paid is c. It is problematic to use your answers to part b as a measure of inflation because (Click to select) d. Suppose we take 2016 as the base year, which implies that the market basket is Using 2016 consumption levels, the rate of inflation is | % from 2016 to 2 both price and consumption are changing (Hint: First calculate the cost of the 2016 market basket using each year's prices and then ing the percentage change in the cost of the basket.) e. Repeat the exercise from part d, now assuming that the base year is 2017. only price is changing only income is changing only consumption is changing Using 2017 consumption levels, the rate of inflation is % from 2016 to 2017 and | % from 2017 to 2018. (Hint: First calculate the cost of the 2017 market basket using each year's prices and then find the percentage change in the cost of the basket.) f. Your answers from parts d and e were different because (Click to select) The table below lists the prices and quantities consumed of three different goods from 2016-2018. 2016 2017 2018 Good A Price ($) B 12 5 Quantity 10 Price ($) 16 Quantity 8 Price ($) 22 Quantity 4 18 с 1 10 3 2 30 5 4 5 25 10 Instructions: In part a, enter your answers as a whole number. For all other parts, round your answers to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. For 2016, 2017, and 2018, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. 2016 2017 2018 $ $ $ b. The percentage change in the amount the consumer paid is [ % from 2016 to 2017 and | % from 2017 to 2018. c. It is problematic to use your answers to part b as a measure of inflation because (Click to select) d. Suppose we take 2016 as the base year, which implies that the market basket is fixed at 2016 consumption levels. Using 2016 consumption levels, the rate of inflation is | % from 2016 to 2017 and [ % from 2017 to 2018. (Hint: First calculate the cost of the 2016 market basket using each year's prices and then find the percentage change in the cost of the basket.) e. Repeat the exercise from part d, now assuming that the base year is 2017. Using 2017 consumption levels, the rate of inflation is | % from 2016 to 2017 and 1% from 2017 to 2018. (Hint: First calculate the cost of the 2017 market basket using each year's prices and then find the percentage change in the cost of the basket.) f. Your answers from parts d and e were different because ✓ (Click to select) income has changed prices have changed the base years put different weights on the goods the base years have the same consumption quantities