EXERCISE 20.4: CALCULATING NOMINAL GDP FROM RAW DATA The following data shows the quantities of output a hypothetical economy produced in 2002,2005 and 2010, and the amounts consumed by a typical post-secondary student. Base Year = 2002 2002 2005 2010 Quantity Quantity Quantity Quantity Quantity Quantity Product Price $ Price $ |Price $ Produced Consumed Produced Consumed Produced Consumed New Houses 38,700 40 40,360 43 41,500 44 (units) Coffee (cups) 1.7 79,850 35 2.05 82, 100 31 2.6 86,200 35 Pizza (pieces) 4.5 16,680 23 9 19,650 27 8.15 20,550 29 Beef (Kg) 8 70,340 6 10 64,300 2 10.6 67,280 5 Photocopy 0.65 55,600 133 0.5 61,200 160 0.4 45,000 184 (pages)Calculate the Consumer price Index for 2005 supposing a typical student consumed 35 cups of coffee and 23 slices of pizza, and photocopied 133 pages in 2002. Calculate the Consumer price Index for 201 0, supposing a typical student consumed 35 cups of coffee and 23 slices of pizza, and photocopied 133 pages in 2002. U. CPI inflation 2002 and 2005 ' Number \\ V. CPI inflation 2002 and 2010