(35)In year 1 and year 2, there are two products produced in a given economy: apples and oranges. Suppose that there are no intermediate goods. In year 1, 10 apples are produced and sold at $4 each, and in year 2, 8 apples are produced and sold at $5 each. In year 1, 2 oranges are sold for $12 each, and in year 2, 5 oranges are sold for $6 each.

Using year 2 as the base year, calculate the GDP price deflator in year 1?

(Show yourwork)

a) 103

b) 76

c) 144

d) none of the above