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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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