Intermediate Macroeconomics

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III. Graphical and Numerical Problem Solving Graphs must be clearly and completely labeled. Show your work for all calculations, and highlight each answer. Year Quantity Price of Quantity Price of of Oranges of Apples Apples Oranges 2018 100 $0.25 50 $0.50 2019 105 $0.50 75 $0.55 1. Refer to the above table. Assuming the economy produces only apples and oranges make the following calculations (15 pts.): a. Nominal and real GDP for 2019 (use 2018 as the base year). b. The GDP deflator for 2019. C. Assuming these quantities also represent consumer purchases, calculate the consumer price index for 2019 (again use 2018 as the base year). d. In general, would you expect the GDP deflator and the Consumer Price Index to be equal to each other if the underlying data are the same, such as in this problem? Briefly explain