• Calculate the CPI for 2012 (using 1 decimal place).• Calculate the CPI for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).• Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).OCalculate the GDP deflator for 2012.• Calculate the GDP deflator for 2013 (using 1 decimal place).Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place).Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimb place).•%2Please answer all parts of the question. Question 2Suppose the information in the table is for a simple economy that produces and consumes only four cand services: textbooks, hamburgers, shirts and cotton.Base YearProductTextbooks=ShirtsCotton201190Hamburgers 7550100OQuantity Price2011WQuantity$50 1002X10050• Calculate the nominal GDP for 2011. 6,230300.80 800• Calculate the nominal GDP for 2012. 7,9302012Calculate the nominal GDP for 2013. 8,479Price$6012250.60Quantity100120201365120Price$6512.15250.70

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● Calculate the CPI for 2012 (using 1 decimal place). Calculate the CPI for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the CPI (using 1 decimal place). Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). Calculate the GDP deflator for 2012. %2 Calculate the GDP deflator for 2013 (using 1 decimal place). • Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). • Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimb place).