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Consider the following data for a hypothetical economy that produces two goods, milk and honey. Quantity Produced Prices milk (litres) honey (kg) milk ($/litre) honey
Consider the following data for a hypothetical economy that produces two goods, milk and honey. Quantity Produced Prices milk (litres) honey (kg) milk ($/litre) honey ($/kg) Year 1 115 50 2 Year 2 135 24 The percentage change in real GDP from year 1 to year 2 is - 14.88 %. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) c. Using year 1 as the base year, compute the GDP deflator for each year. (Round your responses to two decimal places. Use the minus sign to enter negative numbers.) The GDP deflator in year 1 year 1 prices The GDP deflator in year 2year 1 prices The percentage change in the GDP deflator from year 1 to year 2 is %
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