201520162017 PQPQPQOnion1,24001,56002,5400Tomato13202,52004400Pepper45012501450Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this,Calculate nominal GDP for each yearCalculate real GDP for each yearCalculate the growth rate for the years 2016 and 2017Calculate the inflation in 2016 and 2017 by using GDP deflator

Nominal GDP (NGDP) = sum of (current year price x current year quantity) Real GDP (RGDP) = sum of…

Answered: 2015 2016 2017 P Q P Q P Q…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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	2015	2016	2017
	P	Q	P	Q	P	Q
Onion	1,2	400	1,5	600	2,5	400
Tomato	1	320	2,5	200	4	400
Pepper	4	50	12	50	14	50

Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and quantity(Q) of goods are given for each year. Base year is 2016. According to this,
Calculate nominal GDP for each year
Calculate real GDP for each year
Calculate the growth rate for the years 2016 and 2017
Calculate the inflation in 2016 and 2017 by using GDP deflator

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