Homework 0 Saved Help Save & Exit Submit Check my work The typical consumer's food basket in the base year 2015 is as follows: 30 chickens at $2 each 10 hams at $6 each 10 steaks at $8 each A chicken feed shortage causes the price of chickens to rise to $5.00 each in the year 2016. Hams rise to $7.00 each, and the price of steaks is unchanged. a. Calculate the change in the "cost-of-eating" index between 2015 and 2016. Year 2015 2016 Cost of the basket $ 200 $ 300 Instructions: Enter your responses rounded to one decimal place. The official cost-of-eating index has increased by O % b. Suppose that consumers are completely indifferent between two chickens and one ham. For this example, how large is the substitution bias in the official "cost-of-eating" index? %. The (Click to select of inflation in the cost of eating reflects substitution in the cost-of-eating index is 0 The (Click to select' bias b. Suppose that consumers are completely indifferent between two chickens and one ham. For this example, how large is the substitution bias in the official "cost-of-eating" index? in the cost-of-eating index is %. The (Click to select of inflation in the cost of eating reflects substitution The Click to select bias increase decrease b. Suppose that consumers are completely indifferent between two chickens and one ham. For this example, how large is the substitution blas in the official "cost-of-eating index? The (Click to select bias in the cost-of-eating index is of inflation in the cost of eating reflects substitution %. The (Click to select) underestimate overestimate