A economy is producing only three goods and services. The quantities and market prices of each good/service produced in each year from 2018 to 2020 are listed below together with quantity of each good and service that the typical family.

Good	Output (2018)	Price (2018)	Output (2019)	Price (2019)	Output (2020)	Price (2020)	Typical family consumption
cookies	9000	$ 1.05	9500	$ 1.10	10000	$ 1.20	50
tables	180	$ 55.00	170	$ 55.00	175	$ 60.00	1
cuts	700	$ 12.00	715	$ 13.00	730	$ 13.00	4

QUESTIONS

a) Fill in the following table (non-integer numbers should be reported with two decimal place.

Year	Nominal GDP	Real GDP (base year=2018)	GDP deflator (base year=2018)	Cost CPI basket	CPI (base year=2018)	Growth rate real GDP	CPI Inflation rate
2018
2019
2020

b) Calculate the inflation rate for 2018-2019 based on the GDP deflator and compare it with the CPI inflation rate for the same period. Give two reasons why the GDP deflator versus CPI inflation rates are not identical.

c) If, out of the total output of 180 chairs produced in 2018, the producers only manage to sell 170 chairs (100 directly to consumers, 40 to some Canadian firms and 30 to some American firms), how much does the chair production contribute to the nominal GDP and each of its expenditure components? Explain.