Please give me proper calculation and full explanation otherwose i give multiple downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate. Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missingparts of the table. Use 2016 as the base year.Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearestwhole number.Year201620172018Quantity of Price of Quantity oforanges orange ($) beach balls6006007001.001.501.508509501200Price ofbeach ball($)4.007.507.75Nominal GDP($)Real GDP ($) GDP deflatorInflationrate (%)

Nominal GDP(NGDP) includes the impact of inflation or deflation on prices(P). It reflects the raw,…

Answered: Based on the table below, calculate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me proper calculation and full explanation otherwose i give multiple downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Based on the table below, calculate nominal GDP, real GDP, the GDP deflator, and the inflation rate in each year and fill in the missing
parts of the table. Use 2016 as the base year.
Instructions: Round nominal and real GDP values to two decimal places. Round GDP deflator and inflation rate values to the nearest
whole number.
Year
2016
2017
2018
Quantity of Price of Quantity of
oranges orange ($) beach balls
600
600
700
1.00
1.50
1.50
850
950
1200
Price of
beach ball
($)
4.00
7.50
7.75
Nominal GDP
($)
Real GDP ($) GDP deflator
Inflation
rate (%)

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