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3. Use the following information for a simple producing only oranges and apples Year 2000 2010 Apple Quantity(pounds) 100 200 Price(per pound) 2.0 1.5 Orange

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3. Use the following information for a simple producing only oranges and apples Year 2000 2010 Apple Quantity(pounds) 100 200 Price(per pound) 2.0 1.5 Orange Quantity 200 200 price 1.5 2.0 a. Compute the Nominal GDP for 2000 and 2010. What is the rate of growth of the economy between these two years. b. Compute the CPI (Las Peyers index) for the year 2010 using 200 as the base year. Now compute real GDP for both years. c. Compute the rate of growth of Real GDP and rate of inflation d. Do you know what is the core inflation

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