1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the GDP deflator in 1993? b) Using the GDP deflator what was the average annual rate of inflation during 1993 and 1994?
1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work. a) What was the GDP deflator in 1993? b) Using the GDP deflator what was the average annual rate of inflation during 1993 and 1994?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1. The following prices and quantities produced were recorded in computer land during the years shown and Calculate the following and show your work.
a) What was the GDP deflator in 1993?
b) Using the GDP deflator what was the average annual rate of inflation during 1993 and 1994?
![1992
1993
1994
Mousepads
Price Quantity
$8
17
$10
29
$14
48
Price
$3
$5
$6
Maps
Quantity
9
11
16
Modems
Price Quantity
$5
11
$5
$7 17
===
57
15](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96a63f95-07aa-4ba7-809d-39dbd8141d74%2Fcb734f70-db25-4cdb-9e2b-a964eeb70c13%2Fpi6etqg_processed.png&w=3840&q=75)
Transcribed Image Text:1992
1993
1994
Mousepads
Price Quantity
$8
17
$10
29
$14
48
Price
$3
$5
$6
Maps
Quantity
9
11
16
Modems
Price Quantity
$5
11
$5
$7 17
===
57
15
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