his economy only produces two goods apples and TV. For the years 1997 and 1998 the quantities are prices are shown. The base year is 1997. 1. Calculate the total value of good and services at current prices in this economy for 1997 and 1998. 2. Calculate the total value of good and service at constant prices in this economy for 1997 and 1998. 3. Calculate the GDP deflator in 1998.
This economy only produces two goods apples and TV. For the years 1997 and 1998 the quantities are
1. Calculate the total value of good and services at current prices in this economy for 1997 and 1998.
2. Calculate the total value of good and service at constant prices in this economy for 1997 and 1998.
3. Calculate the
4. Calculate the growth rate of real GDP in 1998.
5. Calculate the growth rate of nominal GDP in 1998.
6. Calculate the
7. Calculate the inflation rate for both 1997 and 1998.
![Apples
TV
1997
Price
5
500
Quantity
6,000
1,000
Price
6
400
1998
Quantity
5,000
3,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0e20141-5f61-4506-9fa9-ba745adeab8f%2F105c6b0b-0a63-4a9d-8243-a6ccce366ee7%2Fxo4y61d_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 5 steps with 5 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
4. Calculate the growth rate of real
5. Calculate the growth rate of nominal GDP in 1998.
6. Calculate the
7. Calculate the inflation rate for both 1997 and 1998.
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)