Homework Answers
Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output.
nominal GDP 2010 :( hotdogs : 200*2=400 + hamburgers: 200*3=600) =1000
nominal GDP 2018: (250*4=1000)+ (500*4=2000)=3000
real GDP 2010 :(200*2=400) + (200*3=600)=1000
real GDP 2018: (200*4=800 )+(200*4=800)=1600
GDP deflator 2010=( nominal GDP/real GDP)*100 =100
GDP deflator 2018=( nominal GDP/real GDP)*100 =187.5
CPI 2010= (market basket current/market basket base)*100=(1000/1000)*100=100
CPI 2018= (market basket current/market basket base)*100
market basket for current year = 200*4+200*4=1600
market basket for base year= 1000
cpi 2018= 1600/1000*100=160
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Consider an economy that produces and consumes hot dogs and hamburgers
LounchPod • Consider an economy that produces and consumes hot dogs and hamburgers. In the following table are data for two different years. a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI. b. By what percentage did prices rise between 2010 and 2015? Give the answer for each good and also for the two measures of the overall...
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