Question: The table below lists the prices from last year and the base year for a college-related basket of goods. Basket of College-Related Goods Basket of

The table below lists the prices from last year and the base year for a college-related basket of goods.

Basket of College-Related Goods

Basket of GoodsPrice Base Year(dollars)Price Last Year(dollars)Gasoline (per gallon)$ 2.05 $2.60 Pizza (per pizza) 4.75 8.15

Beer (per 6-pack)4.25 7.07 Textbook (per book)102.00 234.00

Instructions:Round your answers to 2 decimal places.

a. What is the total cost for a basket of goods that includes 210 gallons of gas, 55 pizzas, 40 6-packs, and 4 textbooks?

In the base year: $

Last year: $

b. Using this basket of goods, compute the following CPI values:

In the base year:

Last year:

c. Assume that rather than buying textbooks for their courses last year, all students decided to buy online access cards at $95 per textbook. Compute the total cost for this basket of goods and the CPI.

Total cost of basket: $

CPI:

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