Consider the following table, which describes the prices and quantities of goods produced in an economy over 3 years. Treat 2018 prices as base-year prices. 2018 2019 2020 Item Prices Quantities Prices Quantities Prices Quantities Meal Kit Delivery $106.00 $110.00 $51.25 65025 81600 $109.35 91600 Water $46.00 80025 87350 $49.10 89850 Hydro Electricity Dry cleaning $53.00 $62.00 $59.25 $67.00 76025 84200 $57.85 86350 43025 49850 $67.10 47350 Entertainment $26.00 51025 $31.50 57900 $32.10 60950 • Carry all rounded answers to later parts of the problem. • First two blanks: round the GDP deflator to 1 decimal place (example: 0.1). • Third and fourth blanks: report the GDP increase and change in price level as a percentage, rounded to 1 decimal place (example: 0.1). Do not include the % sign. The GDP deflator for 2019 is The GDP deflator for 2020 is % between 2019 and 2020. The economy's output level increased by % between 2019 and 2020. The price level increase by
Consider the following table, which describes the prices and quantities of goods produced in an economy over 3 years. Treat 2018 prices as base-year prices. 2018 2019 2020 Item Prices Quantities Prices Quantities Prices Quantities Meal Kit Delivery $106.00 $110.00 $51.25 65025 81600 $109.35 91600 Water $46.00 80025 87350 $49.10 89850 Hydro Electricity Dry cleaning $53.00 $62.00 $59.25 $67.00 76025 84200 $57.85 86350 43025 49850 $67.10 47350 Entertainment $26.00 51025 $31.50 57900 $32.10 60950 • Carry all rounded answers to later parts of the problem. • First two blanks: round the GDP deflator to 1 decimal place (example: 0.1). • Third and fourth blanks: report the GDP increase and change in price level as a percentage, rounded to 1 decimal place (example: 0.1). Do not include the % sign. The GDP deflator for 2019 is The GDP deflator for 2020 is % between 2019 and 2020. The economy's output level increased by % between 2019 and 2020. The price level increase by
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider the following table, which describes the prices and quantities of goods produced in an
economy over 3 years. Treat 2018 prices as base-year prices.
2018
2019
2020
Item
Prices
Quantities
Prices
Quantities
Prices
Quantities
Meal Kit Delivery
$106.00
65025
$110.00
81600
$109.35
91600
Water
$46.00
80025
$51.25
87350
$49.10
89850
Hydro Electricity
Dry cleaning
$53.00
$62.00
76025
$59.25
84200
$57.85
86350
43025
$67.00
49850
$67.10
47350
Entertainment
$26.00
51025
$31.50
57900
$32.10
60950
Carry all rounded answers to later parts of the problem.
• First two blanks: round the GDP deflator to 1 decimal place (example: 0.1).
• Third and fourth blankS: report the GDP increase and change in price level as a percentage,
rounded to 1 decimal place (example: 0.1). Do not include the % sign.
The GDP deflator for 2019 is
The GDP deflator for 2020 is
% between 2019 and 2020.
The economy's output level increased by
% between 2019 and 2020.
The price level increase by](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa0408b33-59ca-4fb5-b2bb-2befa2fc9f58%2F3b4489e7-332f-4138-ae50-fe790583da79%2Fo1u340c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following table, which describes the prices and quantities of goods produced in an
economy over 3 years. Treat 2018 prices as base-year prices.
2018
2019
2020
Item
Prices
Quantities
Prices
Quantities
Prices
Quantities
Meal Kit Delivery
$106.00
65025
$110.00
81600
$109.35
91600
Water
$46.00
80025
$51.25
87350
$49.10
89850
Hydro Electricity
Dry cleaning
$53.00
$62.00
76025
$59.25
84200
$57.85
86350
43025
$67.00
49850
$67.10
47350
Entertainment
$26.00
51025
$31.50
57900
$32.10
60950
Carry all rounded answers to later parts of the problem.
• First two blanks: round the GDP deflator to 1 decimal place (example: 0.1).
• Third and fourth blankS: report the GDP increase and change in price level as a percentage,
rounded to 1 decimal place (example: 0.1). Do not include the % sign.
The GDP deflator for 2019 is
The GDP deflator for 2020 is
% between 2019 and 2020.
The economy's output level increased by
% between 2019 and 2020.
The price level increase by
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