Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.   2011   2012   2013   Product Quantity Price Quantity Price Quantity Price Textbooks 90  $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the GDP Deflator for 2012. ____ Calculate the GDP Deflator for 2013 (using 1 decimal place). ____ Calculate the inflation rate for 2012 using the GDP Deflator (using 1 decimal place). ____% Calculate the inflation rate for 2013 using the GDP Deflator (using 1 decimal place). ____%

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