Please give the correct solution and explanationNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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 oforanges orange ($)5008007501.001.501.65Quantity of Price ofbeachballs8759001000beach ball Nominal GDP Real GDP($)($)($)6.007.758.25GDP deflatorInflationrate (%)

Nominal GDP = current year price * current year quantity Real GDP = base year price * current year…

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 the correct solution and explanation

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

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
oranges orange ($)
500
800
750
1.00
1.50
1.65
Quantity of Price of
beach
balls
875
900
1000
beach ball Nominal GDP Real GDP
($)
($)
($)
6.00
7.75
8.25
GDP deflator
Inflation
rate (%)

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