Production Prices   Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 54 78 78 $1.2 $1.5 $1.2 Good Y 69 86 111 $0.9 $0.8 $0.8 Assume that this economy produces only two goods Good X and Good Y.   If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
Section: Chapter Questions
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Production

Prices

 

Year 1

Year 2

Year 3

Year 1

Year 2

Year 3

Good X

54

78

78

$1.2

$1.5

$1.2

Good Y

69

86

111

$0.9

$0.8

$0.8

Assume that this economy produces only two goods Good X and Good Y.

 

If year 1 is the base year, what is the value for this economy's GDP deflator in year 1?

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