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2 Economics Question 1 2019 2020 Suppose an economy produces P only two goods, Pizza and Cola. P Q Here are prices and quantities in
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Economics Question 1 2019 2020 Suppose an economy produces P only two goods, Pizza and Cola. P Q Here are prices and quantities in Pizza $20.00 500 $25.00 800 2019 and 2020. Fill in the table Cola (12 Pack) $16.00 1,000 $32.00 1,200 below, then answer the questions. (4 points) 2019 2020 Growth Rate Nominal GDP Real GDP at Constant 2019 Prices (i) . . . . . . . . . Real GDP at Constant 2020 Prices (ii) . . . . . . . . . Chain-weighted RGDP (iii) (2019 BY) . . . . . . . . . Chain-weighted RGDP (iv) (2020 BY) . . . . . . . . . GDP Price Deflator using (i) . . . . . . . .. GDP Price Deflator using (ii) . . . . . . GDP Price Deflator using (iii) (a) Briefly explain how and why the implied growth rate of Real GDP differs depending on the base year chosen (1 point). Provide completeStep by Step Solution
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