Calculate pls Consider a simple economy that produces two goods: cupcakes and oranges. The following table shows the prices and quantities of the goods over a three-year period.| Year | Cupcakes | Oranges ||------|-------------------------------|------------------------------|| | Price (Dollars per cupcake) | Quantity (Number of cupcakes) | Price (Dollars per orange) | Quantity (Number of oranges) || 2014 | 1 | 110 | 2 | 150 || 2015 | 2 | 155 | 4 | 215 || 2016 | 3 | 120 | 4 | 180 |Use the information from the preceding table to fill in the following table.| Year | Nominal GDP (Dollars) | Real GDP (Base year 2014, dollars) | GDP Deflator ||------|-----------------------|-----------------------------------|--------------|| 2014 | | | || 2015 | | | || 2016 | | | |

here we calculate the real GDP , Nominal GDP , GDP deflator as follow-

Answered: Consider a simple economy that produces…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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