Please answer the three questions highlighted in the purple bracket Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.Base Year 2011=ProductTextbooks90Hamburgers 7550ShirtsCotton2011Quantity Price Quantity$50 100210050800100300.80• Calculate the nominal GDP for 2011.• Calculate the nominal GDP for 2012.. Calculate the nominal GDP for 2013.. Calculate the real GDP for 2011.. Calculate the real GDP for 2012.. Calculate the real GDP for 2013.2012. Calculate the GDP deflator for 2012.Price$602250.602013Quantity10012065120• Calculate the growth rate in real GDP for 2012. (usin 1 decimal place• Calculate the growth rate in real GDP for 2013. (using 1 decimal place• Calculate the cost of the market basket for 2011 (using 1 decimal place).• Calculate the cost of the market basket for 2012 (using 1 decimal place).• Calculate the cost of the market basket for 2013 (using 1 decimal place).• Calculate the CPI for 2012 (using 1 decimal place).• Calculate the CPI for 2013 (using 1 decimal place).• Calculate the inflation rate for 2012 using the CPI (using 1 decimal place).. Calculate the inflation rate for 2013 using the CPI (using 1 decimal place).Calculate the GDD deflator for 2012 Cucina 1 dorimsliebePrice$652.252510.70%%%%L

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Answered: . Calculate the real GDP for 2011. .…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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. Calculate the real GDP for 2011. . Calculate the real GDP for 2012. • Calculate the real GDP for 2013.