Working through an Example U.S. BEA Data GDP (billion current dollars) Deflator (2017 Dollars) Population (millions) 2019 2020 2021 2022 2023 $21,521 $21,323 $23,594 $25,744 $27,361 -0.9% 10.7% 9.1% 6.3% 104.0% 105.4% 110.2% 118.0% 122.3% 1.3% 4.6% 7.0% 3.6% 330.5 331.8 332.4 333.6 335.2 0.4% 0.2% 0.4% 0.5% Remember, the average annualized growth rate of any variable X over y years is: g = (Xtty / X₁)(1/y) — 1. Solve: 1. What is the average annual rate of price inflation, 2019-23?

Working through an Example U.S. BEA Data GDP (billion current dollars) Deflator (2017 Dollars) Population (millions) 2019 2020 2021 2022 2023 $21,521 $21,323 $23,594 $25,744 $27,361 -0.9% 10.7% 9.1% 6.3% 104.0% 105.4% 110.2% 118.0% 122.3% 1.3% 4.6% 7.0% 3.6% 330.5 331.8 332.4 333.6 335.2 0.4% 0.2% 0.4% 0.5% Remember, the average annualized growth rate of any variable X over y years is: g = (Xtty / X₁)(1/y) — 1. Solve: 1. What is the average annual rate of price inflation, 2019-23?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.1CE

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