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Part II: Short-Answer Section |40 Points Total| Unless otherwise stated, clearly show any work used in calculations in order to receive full credit. If you do not show your work, you will not receive credit. Question #1: Consumer Price Index [15 Points] Suppose that the country of Botswana produces three goods: beef, khaki pants and nickel ore. Assume that a typical household in Botswana purchases only beef and khaki pants. You may also assume that the base year is 2018. Price ' Price (in pulas) (in pulas) 1200 18 1250 1220 Khaki 78 650 76 715 80 629 Pants Nickel Ore 40 ' 200 45 180 50 157 Note: The currency of Botswana is the pula. (a) Calculate the CPI for 2019. Round your answer to two decimal places. [4 Points] (b) Calculate the CPI for 2020. Round your answer to two decimal places. [4 Points] (C) Use your answers from Parts (a) and (b) to calculate the ination rate in Botswana between 2019 and 2020. [3 Points] Use Scenario 1 to answer Part (d) In 1968, NBA Hall of Fame player Wilt Chamberlain earned a salary of $250,000. In 2019, Golden State Warriors rookie Jordan Poole earned a salary of $1,964,000. ((1) Assume that the CPI in 1968 was 34.8 and the CPI in 2019 was 255.66. Adjusting for ination did Wilt Chamberlain or Jordan Poole earn a higher salary? YOU MUST SHOW YOUR CALCULATIONS TO RECEIVE CREDIT. [4 Points]