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output and multiply by the price of output.) Widgets Gizmos and prices for years 2006 and 2007. (Hint: GDP, in its most basic form, is P x Q. You take the quantity of Year 2006 2007 Price $100 $110 Quantity Price $10 $12 1 1 Thingamajigs Quantity Price $5 $4 8 10 Quantity 4 5

output and multiply by the price of output.) Widgets Gizmos and prices for years 2006 and 2007. (Hint: GDP, in its most basic form, is P x Q. You take the quantity of Year 2006 2007 Price $100 $110 Quantity Price $10 $12 1 1 Thingamajigs Quantity Price $5 $4 8 10 Quantity 4 5

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer question 10
The economy of Grossmania produces three goods: Widgets, Gizmos, and Thingamajigs. The accompanying table shows the output and prices for years 2006 and 2007. (Hint: GDP, in its most basic form, is P × Q. You take the quantity of output and multiply by the price of output.) | Year | Widgets | | Gizmos | | Thingamajigs | | |------|---------|--------|--------|-------|--------------|-------| | | Price | Quantity | Price | Quantity | Price | Quantity | | 2006 | $100 | 1 | $10 | 8 | $5 | 4 | | 2007 | $110 | 1 | $12 | 10 | $4 | 5 | **Question 10:** What is the GDP deflator for 2007? What was the inflation rate between 2006 and 2007?
Transcribed Image Text:The economy of Grossmania produces three goods: Widgets, Gizmos, and Thingamajigs. The accompanying table shows the output and prices for years 2006 and 2007. (Hint: GDP, in its most basic form, is P × Q. You take the quantity of output and multiply by the price of output.) | Year | Widgets | | Gizmos | | Thingamajigs | | |------|---------|--------|--------|-------|--------------|-------| | | Price | Quantity | Price | Quantity | Price | Quantity | | 2006 | $100 | 1 | $10 | 8 | $5 | 4 | | 2007 | $110 | 1 | $12 | 10 | $4 | 5 | **Question 10:** What is the GDP deflator for 2007? What was the inflation rate between 2006 and 2007?
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