3- The hypothetical output and prices of juice and skittles in 2018 and 2019 are shown in the table: Good 2018 2019 Juice 100 at $1 200 at $2 skittles 100 at $0.5 300 at $0.7 Calculate the following: A. Nominal and real GDP in 2019 B. Price index in 2019 C. Inflation rate in 2019

3- The hypothetical output and prices of juice and skittles in 2018 and 2019 are shown in the table: Good 2018 2019 Juice 100 at $1 200 at $2 skittles 100 at $0.5 300 at $0.7 Calculate the following: A. Nominal and real GDP in 2019 B. Price index in 2019 C. Inflation rate in 2019

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3- The hypothetical output and prices of juice and
skittles in 2018 and 2019 are shown in the table:
Good
2018
2019
Juice
100 at $1
200 at $2
skittles
100 at $0.5
300 at $0.7
Calculate the following:
A. Nominal and real GDP in 2019
B. Price index in 2019
C. Inflation rate in 2019

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