Question 3. (20 points) The table below shows you a sample consumer basket collected by the Bureau of Labor Statistics (BLS) from 2020 to 2023. To get full credit, you need to show step-by-step solutions. Items in the CPI basket Unit(s) Price per unit of the goods 2020 202 2022 2023 Grocery 1 4 $5.00 Grocery 2 $5.00 $8.00 $9.50 $3.50 $4.00 $4.50 $5.25 Clothing $18.00 Digita $18.00 $20.00 $22.00 $25.00 $26.00 Health $28.00 $30.00 $100.00 $115.00 $120.00 $125.00 (1) How much is nominal cost of the basket in 2020, 2021, 2022 and 2023? (2) Using 2020 as the base year, calculate costs ($) of the basket and the consumer price index (CPI) in 2021, 2022 and 2023? Note: keep two digits after the decimal, for example 123.45 etc. (3) How much is the inflation rate between 2021 and 2022? And how much is the inflation rate between 2022 and 2023? We assume 2020 is the base year in both cases. Note: keep the growth rates as percentage with two digits after the decimal, for example 5.25%. (4) Use your own language to explain the major differences between CPI and GDP deflator as a measurement to changes of price levels. (No more than 300 words)