21. The inflation rate between the years 2000 and 2001 was 3.43%. Based on this information,...

21. The inflation rate between the years 2000 and 2001 was 3.43%. Based on this information, a basket of goods that cost $178 in the year 2000 would now cost how much in the year 2001? Enter a number rounded to two decimal places.

22.

Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1.

Good	P1	Q1	P2	Q2
Milk (gallons)	$4.10	40	$4.20	50
Beef (pounds)	$1.90	20	$2.20	25
Carrots (bags)	$4.50	10	$4.80	15

Enter numbers rounded to two decimal places in each blank.

Real GDP in year 1 is $ .

Real GDP in year 2 is $ .

Expert Solution

21. Cost in the year 2001 $ 184.10

22. Real GDP in year 1 is $ 247.00

Real GDP in year 2 is $ 320.00

Rahul Sunny answered 1 year ago

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