Kindly submit the answer to the following question # 10, thanks.

-2016. 10. The consumer price index, or CPI, measures the cost of living for a typical urban household by multiplying ation the price for each category of expenditure (housing, ands) food, and so on) times a measure of the importance 98 of that expenditure in the average consumer's market 14 basket and summing over all categories. However, using data from the CPI, we can see that changes in 67 the cost of living for different types of consumers can 70 vary a great deal. Let's compare the cost of living for 29 a hypothetical retired person and a hypothetical uni- versity student. Let's assume that the market basket 29 of a retired person is allocated in the following way: 10% on housing, 15% on food, 5% on transportation, r all 60% on medical care, 0% on education, and 10% on recreation. The university student's market basket is 1966 allocated as follows: 5% on housing, 15% on food, 06, 20% on transportation, 0% on medical care, 40% on st education, and 20% on recreation. The accompanying table shows the April 2017 CPI for each of the relevant categories. ears CPI April 2017 aros capita (2002 = 100) 1996 137.9 isbau to teco offT .er he Housing Food 142.2 Transportation 133.2 simsbeos arlf not atree le e? Medical care 124.2 sai (190) xsbai sofig is Education 163.1 Recreation 100.5 rice of iden- Calculate the overall CPI for the retired person and for an the university student by multiplying the CPI for each ent, to of the categories by the relative importance of that tudent category to the individual and then summing each nom- of the categories. The CPI for all items in April 2017 are was 130.4. How do your calculations for a CPI for the retired person and the university student compare to the overall CPI