Please answer from 8-15 Use the following information to answer questions 5 through 12:Suppose that a typical market based in Japan consists of 200 Apples and 290 Textbooks.The table below shows data on prices for Apples and Textbooks in Japan for three years.Year Price of Apples Price of Textbooks2014 $1.402002015 $1.101402016 $1.10200Assume that the base year is 2015. 8. What is CPI in 2014?9. What is CPI in 2015?10. What is CPI in 2016?11. What is the inflation rate between 2014 and 2015?12. What is the inflation rate between 2015 and 2016?13. Suppose that the nominal interest rate in Japan is 10.4%. In addition, the inflation rate isequal to 4.2%.Given this information, what is the real interest rate in Japan?14. Suppose that a typical doctor earned $41,000 in 1978. In addition, you know that in 1990 atypical doctor earns $76,000. Finally, you also know that the CPI in 1978 is 210 and in 1990 is230.Given this information, a doctor's 1978 salary in 1990 dollars is $.15. Suppose that a typical professor earned $28,000 in 1978. In addition, you know that in 1998a typical professor earns $93,000. Finally, you also know that CPI in 1978 is 90 and in 1998 is250.Given this information, the salary of a typical professor in 1998 relative to 1978 is (select one):a. higherb. lower

The consumer price index is calculated by taking the ratio of two variables namely the price basket…

Use the following information to answer questions 5 through 12: Suppose that a typical market based in Japan consists of 200 Apples and 290 Textbooks. The table below shows data on prices for Apples and Textbooks in Japan for three years. Year Price of Apples Price of Textbooks 2014 $1.40 200 2015 $1.10 140 2016 $1.10 200 Assume that the base year is 2015.