[Related to Solved Problem 2.2a] Use the information in the following table to calculate nominal and real GDP for 2005 and 2012. Assume that 2005 is the Base year. 2005 Nominal GDP in 2005 is $ (Round your response to two decimal places.) Real GDP in 2005 is $. (Round your response to two decimal places.) Product Oranges Plums Haircuts Pizza Quantity 30 200 95 80 Price $4.00 $0.50 $30.00 $9.00 Quantity 30 250 120 60 2012 Price $4.50 $0.60 $30.00 $11.25

[Related to Solved Problem 2.2a] Use the information in the following table to calculate nominal and real GDP for 2005 and 2012. Assume that 2005 is the Base year. 2005 Nominal GDP in 2005 is $ (Round your response to two decimal places.) Real GDP in 2005 is $. (Round your response to two decimal places.) Product Oranges Plums Haircuts Pizza Quantity 30 200 95 80 Price $4.00 $0.50 $30.00 $9.00 Quantity 30 250 120 60 2012 Price $4.50 $0.60 $30.00 $11.25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Can you explain the steps briefly please.
i need help with this macro econmics question 4
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Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 | Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500,000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as CPI.(
I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.
Laptops 2010 2011 2012 Price $1,700 $1,400 $1,200 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) 2010 2011 2012 Quantity 7 9 9 Textbooks Price Quantity $180 $190 6 8 $210 9 Nominal GDP $ 13,040 $ 14,260 $ 12,850 Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2012 is $ (Round your response to the nearest dollar.) Energy Drinks Price Quantity $2 30 $4 35 $4 40 Real GDP (2010 Base) $ 13,040 $ 16,810 $ 17,000
Ee.71.
Give step by step answer
3. Table: Nominal GDP and GDP deflator in 2020 and 2021 Nominal GDP 11000 12150 Year 2020 2021 GDP deflator 105 108 a.(i) Calculate the percentage change in nominal GDP from 2020 to 2021 (ii) What is the purpose of the GDP deflator? b.(1)Calculate real GDP for 2020 & 2021 (ii) What is the percentage increase in real GDP from 2020 to 2021 (iii) Why is the percentage change in nominal GDP higher than real GDP?
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