Homework Answers
Real GDP in 2008 = 13*6000 + 14*66 + 1000*1 = $79924
Real GDP in 2009 = 19*6000 + 22*66 + 1000*1 = $116452
Real GDP changes from 2008 to 2009 = (116452 - 79924)/79924
Real GDP changes from 2008 to 2009 = 45.7%
GDP deflator for 2008 = ((13*4800 + 14*56 + 1000*1)/79924)*100
GDP deflator for 2008 = 80.31
GDP deflator for 2009 = ((19*7200 + 22*76 + 1000*1)/116452)*100
GDP deflator for 2009 = 119.77
Rate of inflation from 2008 to 2009 = (119.77 - 80.31)/80.31
Rate of inflation from 2008 to 2009 = 49.13%
So, the answer is as follows:
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