BreadButterMilkPricPrice Quantity PopulationYear Price QuantityQuantitye2011 2.001400151007120502012 2.50150018110150552013 3.0016001201606020Based on the above information, fill out the following table. To calculate real GDP, assume 2011 is thebase year.Nominal GDPReal GDP GDP DeflatorReal GDP per capita201120122013Co

Formulas which we are going to use in this question: 1. Nominal GDP = Price of goods in current year…

Answered: ased on the above information, fill out…

ased on the above information, fill out the following table. To calculate real GDP, assume 2011 is the mase year. Nominal GDP Real GDP GDP Deflator Real GDP per capita | 2011 2012 2013

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

Bread
Butter
Milk
Pric
Price Quantity Population
Year Price Quantity
Quantity
e
2011 2.00
1400
15
100
7
120
50
2012 2.50
1500
18
110
150
55
2013 3.00
1600
120
160
60
20
Based on the above information, fill out the following table. To calculate real GDP, assume 2011 is the
base year.
Nominal GDP
Real GDP GDP Deflator
Real GDP per capita
2011
2012
2013
Co

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