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21 Use the following table for this question. 1 items (In billions 01$) Consumer non-durables 1520 lot or Consumer durables 6580 Services 2110 New houses 3560 Equipment and plant investment 9310 Change in inventories 1630 Depreciation 3860 Government consumption 1710 Government investment 3250 Transfer payments 3500 Tax revenue 2860 Exports 1900 Imports 2800 According to the national account of this economy, Private Consumption = $|:| billion Government Purchases = $|:| billion GDP = $|:| billion Disposable Income = $|:| billion 22 ut of Consider the following table: Manufacturing Year Pri - ' roducts - rowcts Services Consumers of the economy purchase all primary products, manufacturing products and services shown in the table. Manufacturing products and services are all produced by the domestic economy. However, for each year, 3/4 of the primary products is imported, and 1/4 is produced domestically. Set 1973 as the base year. a. Find the % change in prices for primary products, manufacturing products and services, respectively, from 1973 to 1974. b. Find the CPI for both years. Calculate the corresponding inflation rate from 1973 to 1974. c. Find the nominal and real GDP for both years. Hence, find the GDP deflator for both years. Calculate the corresponding inflation rate from 1973 to 1974. d. The above table is set up in such a way to mimic the actual data of the inflation rates calculated from the CPI and the GDP deflator, respectively, for the US during the first oil crisis in 19731974. Use your results to explain how and why the two numbers differ by such a wide margin during that period. (You need to show your explanations and works in order to earn points in this question.) (For this question, you have to hand-write your answers. You then take a photo or scan your hand-written answers and upload your files. (Files with typed-up answers and computer-generated graphs will NOT be accepted.) On each page of your handwritten answers, write down your name, your student # and sign it. You could at most upload 3 files. Max file size 100MB. Acceptable file types are PDF and image files including JPEG, GIF, PNG, BMP, TIFF.)