7. O LounchPod Consider an economy that produces and consumes hot dogs and ham- burgers. In the following table are data for two different years. 2010 2015 Good Quantity Price Quantity Price Hot dogs 200 $2 250 $4 Нamburgers 200 $3 500 $4 a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI. b. By what percentage did prices rise between 2010 and 2015? Give the answer for each good and also for the two measures of the overall price level. Compare the answers given by the Laspeyres and Paasche price indexes. Explain the difference.

7. O LounchPod Consider an economy that produces and consumes hot dogs and ham- burgers. In the following table are data for two different years. 2010 2015 Good Quantity Price Quantity Price Hot dogs 200 $2 250 $4 Нamburgers 200 $3 500 $4 a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI. b. By what percentage did prices rise between 2010 and 2015? Give the answer for each good and also for the two measures of the overall price level. Compare the answers given by the Laspeyres and Paasche price indexes. Explain the difference.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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