1) (30 points total - 5 points for each part) Using the following link to obtain CPI data (https://research.stlouisfed.o
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1) (30 points total - 5 points for each part) Using the following link to obtain CPI data (https://research.stlouisfed.org/fred2/data/CPIAUCSL.txt), find the value of the CPI in May of 1958 and answer the following questions: a) If the CPI basket in the base period cost $3,000, consistent with the example in the lectures, what would that same basket cost in May of 1958? b) If a person was making $40,000 in the base period, how much would they have to make during May of 1958 to have the same purchasing power as $40,000 has in the base period?