3. Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Year 2015 2016 2017 Price of T-Shirts $10 12 14 Quantity of T- Shirts 120 300 275 Price of Pajamas $12 15 18 Quantity of Pajamas 200 200 180 1. Calculate the total value of goods and services at current prices in this economy each year? 2. Calculate the total value of goods and services at constant prices in this economy each year? (Note: GDP deflator for 2015 is 100) 3. What is the growth rate of Real GDP between 2016 and 2017?

3. Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Year 2015 2016 2017 Price of T-Shirts $10 12 14 Quantity of T- Shirts 120 300 275 Price of Pajamas $12 15 18 Quantity of Pajamas 200 200 180 1. Calculate the total value of goods and services at current prices in this economy each year? 2. Calculate the total value of goods and services at constant prices in this economy each year? (Note: GDP deflator for 2015 is 100) 3. What is the growth rate of Real GDP between 2016 and 2017?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Money Growth And Inflation

Section: Chapter Questions

Problem 6PA

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