/ ESConsider an economy that produces maize and bicycles. The following Table shows productionand price information in this economy in 2015 and 2020.Price of a bicyclePrice of a bag of maizeNumber of bicyclesNumber of bags of maize2015500100700005000020206501208500052000Now answer the questions that follow.a) Using 2015 as the base year, compute the following statistics: nominal GDP, real GDP,and the implicit price deflatorb) By how much have prices risen between 2015 and 2020

Gross domestic product (GDP) measures the market value of final goods and services produced within…

Answered: Consider an economy that produces maize…

Consider an economy that produces maize and bicycles. The following lable shows produ and price information in this economy in 2015 and 2020.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

ES
Consider an economy that produces maize and bicycles. The following Table shows production
and price information in this economy in 2015 and 2020.
Price of a bicycle
Price of a bag of maize
Number of bicycles
Number of bags of maize
2015
500
100
70000
50000
2020
650
120
85000
52000
Now answer the questions that follow.
a) Using 2015 as the base year, compute the following statistics: nominal GDP, real GDP,
and the implicit price deflator
b) By how much have prices risen between 2015 and 2020

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Step 2: Calculation of nominal GDP, real GDP and implicit price deflator.

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Step 3: Calculate the inflation rate:

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