Question: Im trying to solve this one please help entences) Q8 (3pt): Both the calculation of real GDP and the calculation of price indices, such as

Im trying to solve this one please help

entences) Q8 (3pt): Both the calculation of real GDP and the calculation of price indices, such as the CPI, require a Base Year. Even if the Base Year used for real GDP and the Base Year used for CPI coincide (say, the year 2015), there are differences in how the Base Year is used in both calculations. Briefly describe how information from the Base Year is used in the calculation of the CPI (2-3 sentences) versus the information used in the calculation of real GDP (also 2-3 sentences). You are of course permitted to use illustrative examples

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