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consider the following information about the production and price sin country A.the country was available to producr and sell two goods (potatoes and vegetabels )in
consider the following information about the production and price sin country A.the country was available to producr and sell two goods (potatoes and vegetabels )in 2021 and 2022
Consider the following information about the production and prices in country A. The country was available to produce and sell TWO goods (potatoes and vegetables) in 2021 and 2022. 2021 Price 2022 Price 2021 Quantity 2022 Quantity ----- a. Calculate the nominal GDP for 2021 and for 2022. Show your work. b. Calculate the real GDP for 2022 using 2021 as a base year. Show your work. c. Calculate the real GDP growth rate for 2021 to 2022, round to nearest tenth. Show your work. d. Calculate the cost of the Consumption Price Index (CPI) basket if the market basket includes 2 units of potatoes and 1 unit of vegetables in 2021. e. Assume that the base year is 2021 and the market basket includes 2 units of potatoes and 1 unit of vegetables. Calculate the CPI for 2022Step by Step Solution
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