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An economy that produces only cars and yachts experienced an interesting change in consumer behaviour after the pandemic. Although the demand for both cars and
An economy that produces only cars and yachts experienced an interesting change in consumer behaviour after the pandemic. Although the demand for both cars and yachts increased from 2021 to 2022, the price for yachts decreased while it increased for cars. The table below gives the quantities ('000 dollars) and prices ('000 dollars) for 2021 and 2022. Yachts Cars Years Quantities Prices ($) Quantities Prices ($) 2021 60 60 500 26 2022 70 55 600 28 With 2021 as the base year. the GDP deflator In 2022 Is given as 0 1244 83 8 1043 O 1123
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