Quantity of Quantity of Price of Price of Quantity of Price of Year Quantity of Price of Avocado Avocado Darhash Tea | Darhash Tea Youshemi Tea Youshemi Tea UFOS UFOS Toasts Toasts 2016 2'500 10 1'000 15 3'000 10 1'000 2017 2'200 14 900 15 3'000 N 8 1'200 2018 2'100 15 1'000 20 3'000 N 6 1'400 2019 1'800 15 700 25 3'000 N 1'300 2020 1'500 16 500 30 2'500 5 1'300 Year Nominal GDP Real GDP GDP Deflator 2016 53000 53000 100.00 2017 59900 46500 128.82 2018 65900 45000 146.44 2019 57000 36500 156.16 2020 48000 30000 160.00d. (4 points) In which year is the share of nominal consumption over Nominal GDP the largest? (Show how you reach this conclusion) e. (4 points) In which year is the share of real consumption over Real GDP the largest? (Show how you reach this conclusion) . (4 points) Why are your answers in d and e different/same? g. (4 points) Compute the ination rate using the GDP Deflator (2016 is the base year) for 2018. h. (6 points) Dr Demon studied the behaviour of the average Migronian family and came to the conclusion that its typical annual consumption basket is composed of: 10 units of Darhash Migronian Ice Tea 5 units of Youshemi Migronian Lemon Tea With this information, complete this table Cost Annual CPI [base year _ Inatlon rate Basket 2016) i. (4 points) Why the ination rate for 2018 calculated with the GDP deflator (g) is different from the one calculated using the CPI (h)? Which one is better to estimate living costs? Why? 1) (40 points) BREAKING NEWS! NASA mission to Mars has found life. The Migronians have been living in the Red Planet for thousands, if not millions of years. Once upon a time, the Migronians were a great and rich civilization but they never learned economics and as a result they did not use their resources efficiently. The lack of understanding of concepts like "scarcity\" and \"opportunity cost" has led to an almost collapse of their economy, population and environment (honestly, their planet looks like a lot of dust). In a desperate effort to save this civilization, UCHollywood has sent to Mars its Statistician professor and Astronaut \"aficionado" Dr Matt Damon. His task as a Statistician: to build basic macroeconomic statistics of the Migronian economy. Your task as a soon to be macroeconomic expert: to use his statistics to construct some basic macro indicators so the evolution of the Migronian economy can be better understood. At his arrival in Mars, Dr Damon learns that Migronians only produce four products: - Darhash Migronian Ice Tea (all produced and consumed in Mars) - Youshemi Migronian Lemon Tea (all produced and consumed in Mars) - Avocado toasts (all exported to Planet Earth) - UFOs (all used by the Government as transportation for Migronian exports) The following table summarizes the relevant data collected by Dr Damon for the last five years of the Migronian economy