Score / 3 Attempts 22. Problems and Applications Q4 A small nation of 10 people idolizes the TV show Canadian Idol. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDS Price Price Quantity (Dollars) Quantity (Dollars) 2017 10 10 40 30 2018 12 60 12 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is .(Note: Use 2017 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2017 as the base year.) The inflation rate in 2018 is not the same using the two methods because the while the holds the basket of goods and services constant, allows it to change.Score / 3 22. Problems and Applications Q4 A small nation of 10 people idolizes the TV show Canadian Idol. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDS Price Price Quantity (Dollars) Quantity (Dollars) 2017 10 30 2018 12 60 50 12 + Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is (Note: Use 2017 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) 37.14% Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is 70% te: Again, use 2017 as the base year.) 72.92% The inflation rate in 2018 is not the same using the two methods because the while the holds the basket of goods a 96% allows it to change. constant, Save & Cont22. Problems and Applications Q4 A small nation of 10 people idolizes the TV show Canadian Idol. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDS Price Price Quantity (Dollars) Quantity (Dollars) 10 2017 10 30 2018 12 60 50 12 34.69% 70% Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price 74.24% (Note: Use 2017 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) 88.57% Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2017 as the base year.) The inflation rate in 2018 is not the same using the two methods because the while the holds the basket of goods and services constant, allows it to change. Save & Continu22. Problems and Applications Q4 A small nation of 10 people idolizes the TV show Canadian Idol. All they produce and consume are karaoke machines and CDS, in the following amounts Karaoke Machines CDS Price Price Quantity (Dollars) Quantity (Dollars) 2017 10 40 30 10 2018 12 60 50 12 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2017 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) + Using a method similar to that used to calculate the GDP deflator, the percenta GDP deflator he overall price level is . (Note: Again, use 2017 as the base year.) CPI The inflation rate in 2018 is not the same using the two methods because the while the allows it to change. holds the basket of goods and services constant, Save & ContinScore / 3 22. Problems and Applications Q4 A small nation of 10 people idolizes the TV show Canadian Idol. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDS Price Price Quantity (Dollars) Quantity (Dollars) 30 10 2017 10 40 50 12 2018 12 60 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is (Note: Use 2017 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is (Note: Again, use 2017 as t GDP deflator + CPI The Inflat is not the same using the two methods because the holds the basket of goods and services constant, while the allows it to change. Save & C