Use the table below to answer the following question.

Table 21.3.2

Data from Southton

Price (dollars) Price(dollars) Quantity(number) Quantity(number)

Item Base Current Base Current

Rubber Ducks 1.15 1.36 90 100

Beach Towels 9.10 10.00 15 14

1) Refer to Table 21.3.2. From the data in Table 21.3.2. What is Southton's consumer price index for the current year? What is the rate of inflation over the current year? Show your calculations. (4 Marks)

2) If in Canada the working-age population is 38 million, 18.5 million are employed, 1.5 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time. Calculate the involuntary part -time rate, employment rate and participation rate (for each calculation, show the formula and your work). (6 Marks)

3) How are the results for the involuntary part-time rate interpreted? (i.e., what do the numbers tell us)? (3 Marks)