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Can someone please show me how to solve this question ? Thanks a lot ! Consider an economy which produces only one good, shirts. In

Can someone please show me how to solve this question ? Thanks a lot !

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Consider an economy which produces only one good, shirts. In the following table data about quantity and price in various years is reported: Year Quantity Price ($) 1950 300 2 2000 900 20 2001 1,000 21 2002 1,100 23 2003 1,000 25 2004 1,200 28 a) Find the growth rate of nominal GDP for 2002, 2003, and 2004. b) Find the growth rate of real GDP (using $2000) for 2002, 2003, and 2004 c) Find the growth rate of real GDP (using $1950) for 2002, 2003, and 2004 d) Why are your answers in (a), (b), and (c) different or the same? e) Compute inflation using the GDP deflator (using $2000) for. 2002, 2003, and 2004

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