A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an integer.) B. Using the average prices for all three goods, real GDP in 2013 is $___. (Enter your response as an integer.) C. The percentage change in real GDP from 2012 to 2013 is __ percent. (Round your response to two decimal

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A. Using the average price for all three goods, real GDP in 2012 is $___. (Enter your response as an integer.) B. Using the average prices for all three goods, real GDP in 2013 is $___. (Enter your response as an integer.) C. The percentage change in real GDP from 2012 to 2013 is __ percent. (Round your response to two decimal places.) D. Using the average prices, the GDP deflator for 2012 is ____ . (Round your response to two decimal places.) E. Using the average prices, the GDP deflator for 2013 is ____percent. (Round your response of two decimal places.) F. Using the GDP deflators recorded above the rate of inflation from 2012 to 2013 is ___ percent. (Round your response to two decimal places.)
An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows:
2012
2013
Quantity
Price
Quantity
Price
Cars
12
$3,000
14
$4,000
Computers
4
$1,100
7
$400
Oranges
1,200
$1
1,300
$1
2012
2013
Nominal GDP
$41,600
$60,100
Average Prices 2012-2013
$3,500.00
$ 750.00
Cars
Computers
Oranges
$1.00
Transcribed Image Text:An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows: 2012 2013 Quantity Price Quantity Price Cars 12 $3,000 14 $4,000 Computers 4 $1,100 7 $400 Oranges 1,200 $1 1,300 $1 2012 2013 Nominal GDP $41,600 $60,100 Average Prices 2012-2013 $3,500.00 $ 750.00 Cars Computers Oranges $1.00
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