1. Calculating inflation using a simple price index Consider a ctional price index, the Canadian Student Price Index (CSPI), based on a typical university student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2918f and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2013 and 2019, and enter the results in the following table. 2017 20 1s 20 19 Price Cost Price Cost Price Cost Quantityr in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 10 5 50 7 \\:| 1 1 E Calculators 1 100 100 1 10 E 140 E Large coffees 150 1 150 1 E 1 C Energy drinks 50 2 100 3 \\:| 4 E Textbooks 10 100 1,000 120 E 150 E Total cost 1,400 E S Price index 100 E E Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 201? and 2018, the CSPI increased by . Between 2018 and 2019, the CSPI increased by . Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to university? Check all that apply. C] Energy drinks became increasingly popular on university campuses between 2017 and 2019 due to signicant improvements in flavour. C] As the price of calculators rose, fewer students decided to buy them, opting instead to use the free calculators in their cell phones or on their computers. C] Professors required each student to buy 10 notebooks, regardless of the price. C] A new mobile device for personal computing became available for purchase