Homework Answers
1a. Nominal GDP would be the total iutput in dollars hence-
2015=275*15+180*23+135*80=$19,065
2016=330*15.75+185*25+135*88=$21,702.5
2017=345*17+202*135+135*90=$45,285
Real GDP
2015 - since this is the base year will be same as nominal=$19,065
2016= 2015 gdp+increase in output *(2015 prices)=(330-275)*15+(185-180)*23+19065=$20005
2017=2015 gdp + increase in output from 2015*(2015 price=70*16+22*23+19065=$20,691
1b. Growth rate real GDP for 2016=(20005-19065)/19065*100=4.93%
For 2017=(20691-20005)/20005*100=3.43%
1c. Gdp deflator=nominal GDP/real GDP*100
For 2015 =19065/19065*100=100
For 2016=21702.5/20005*100=108.485
For 2017=45285/20691*100=218.863
Inflation =(Deflator2-Deflator1)/Deflator 1*100
Hence, Inflation
2016=(108.485-100)/100*100=8.485%
2017=(218.863-108.485)/108.485*100=101.75%
1d.market basket for2015=gdp in 2015=19065
For 2016 basis 2015 basket Consumption=15.75*275+25*180+88*135=20711.25
For 2017=17*275+135*180+90*135=41125
Since 2015 is base CPI 2015=100
CPI2016=20711.25/19065*100=108.635
CPI 2017=41125/19065*100=215.71
CPI inflation 2016=(108.635-100)/100*100=8.635%
For 2017=(215.71-108.635)/108.635*100=98.56%
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