How would I fill this out? Fill in the missing values in the table below. Assume that real output rose 4.5% from 2005 to 2006. Show your calculations.| Year | Real Output | Nominal Output | GDP Deflator (2009 = 100) ||------|-------------|----------------|--------------------------|| 2003 | 5,161.92 | 2,789.50 | || 2004 | 5,291.61 | | 59.12 || 2005 | | 3,255.00 | 62.73 || 2006 | | | 65.21 || 2007 | 5,813.18 | 3,933.20 | |**Instructions for Calculations:**1. **Real Output Growth:** - Calculate the Real Output for 2006 using the 4.5% growth rate from 2005. - Formula: $ \text{Real Output (2006)} = \text{Real Output (2005)} \times (1 + \text{Growth Rate}) $. 2. **GDP Deflator Calculation:** - Use the formula $ \text{GDP Deflator} = \frac{\text{Nominal Output}}{\text{Real Output}} \times 100 $. This exercise requires calculating the missing Real Output for 2005 and 2006, and potentially other derived values using the provided formulae and given data.

GDP deflator = (Nominal Output/ Real Output)*100 => Nominal Output = (GDP deflator * Real Output) / 100 => Real Output = (Nominal Output / GDP deflator)*100 ----------------------Year 2003: Real output = 5,161.92 Nominal output = 2789.50 ---------- => GDP deflator = (Nominal output / Real output)*100 => GDP deflator = (5161.92 / 2789.50)*100 => GDP deflator = 185.05 Year 2004: Real output = 5291.61 GDP deflator = 59.12 --------- GDP deflator = (Nominal output / Real output)*100 => 59.12 = (Nominal output / 5291.61)*100 => Nominal output = (5291.61 * 59.12)/100 => Nominal output = 3128.40 Year 2005: Nominal output = 3255 GDP deflator = 62.73 -------------- GDP deflator = (Nominal output / Real output)*100 => 62.73 = (3255 / Real output)*100 => Real output = (3255 / 62.73)*100 => Real output = 5188.90 Year 2006: real output rose by 4.5% from 2005 to 2006 Real output in 2006 = Real output in 2005 ( 1 + 4.5%) => Real output in 2006 = Real output in 2005 * (1 + 0.045) => Real output in 2006 = 5,188.90 * (1.045) => Real output in 2006 = 5,422.41 ----- Real output = 5,422.41 GDP deflator = 65.21 ----- GDP deflator = (nominal output / real output)*100 => 65.21 = (nominal output / 5,422.41)*100 => nominal output = (65.21 * 5,422.41)/100 => nominal output = 3,535.95 Year 2007: Real output = 5,813.18 Nominal output = 3,933.20 -------- GDP deflator = (nominal output / real output)*100 => GDP deflator = (3,933.20 / 5,813.18)*100 => GDP deflator = 67.66

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9) Fill in the missing values in the table below. Assume that real output rose 4.5% from 2005 to 2006. Show your calculations. Year Real Output Nominal Output GDP deflator (2009 = 100) 2003 5,161.92 2,789.50 2004 5,291.61 59.12 2005 3,255.00 62.73 65.21 2006 2007 5,813.18 3,933.20

9) Fill in the missing values in the table below. Assume that real output rose 4.5% from 2005 to 2006. Show your calculations. Year Real Output Nominal Output GDP deflator (2009 = 100) 2003 5,161.92 2,789.50 2004 5,291.61 59.12 2005 3,255.00 62.73 65.21 2006 2007 5,813.18 3,933.20

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

How would I fill this out?

Fill in the missing values in the table below. Assume that real output rose 4.5% from 2005 to 2006. Show your calculations.

| Year | Real Output | Nominal Output | GDP Deflator (2009 = 100) |
|------|-------------|----------------|--------------------------|
| 2003 | 5,161.92 | 2,789.50 | |
| 2004 | 5,291.61 | | 59.12 |
| 2005 | | 3,255.00 | 62.73 |
| 2006 | | | 65.21 |
| 2007 | 5,813.18 | 3,933.20 | |

**Instructions for Calculations:**

1. **Real Output Growth:**
- Calculate the Real Output for 2006 using the 4.5% growth rate from 2005.
- Formula: $ \text{Real Output (2006)} = \text{Real Output (2005)} \times (1 + \text{Growth Rate}) $.

2. **GDP Deflator Calculation:**
- Use the formula $ \text{GDP Deflator} = \frac{\text{Nominal Output}}{\text{Real Output}} \times 100 $.

This exercise requires calculating the missing Real Output for 2005 and 2006, and potentially other derived values using the provided formulae and given data.

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