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3) The table below shows output and prices during 2022 (the reference year with a GDP deflator of 100) in the fictional country of Laffonia
3) The table below shows output and prices during 2022 (the reference year with a GDP deflator of 100) in the fictional country of Laffonia that produced only two goods (basketballs and volleyballs), and also the output and prices of these products in 2023.
Output in 2012 Quantity | Per unit price ($) 2022 | Output in 2022 Quantity | Per unit ($) 2023 | |
Basketballs | 60 | 16.00 | 65 | 22.00 |
Baseballs | 15 | 25.00 | 20 | 28.00 |
Calculate the value of the GDP deflator in 2023.
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