Question

In: Economics

Organic food products Beverages Price $ Quantity (tons) Price $ Quantity (tons) 2015 5 3 1...

Organic food products

Beverages

Price $

Quantity (tons)

Price $

Quantity (tons)

2015

5

3

1

20

2016

6

4

2

30

2017

8

5

3

40

Use the following information about an economy that produces only two types of products, organic food products and beverages. Calculate the following for the years 2015, 2016 and 2017, unless otherwise requested:

  1. the nominal GDP
  2. the real GDP using 2015 as the base year
  3. the GDP deflator
  4. the annual percentage change in nominal GDP for 2016 and 2017
  5. the annual percentage change in real GDP for 2016 and 2017
  6. the inflation using the GDP deflator for 2016 and 2017 (percentage

change in GDP deflator)

change in GDP deflator)

Solutions

Expert Solution

Rahul Sunny answered 7 months ago
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