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Question 1. (16 points) Table 1: Quantity Produced and Price of Good Year 2000 Year 2010 Price of an automobile $50,000 $60,000 Quantity of automobile
Question 1. (16 points) Table 1: Quantity Produced and Price of Good Year 2000 Year 2010 Price of an automobile $50,000 $60,000 Quantity of automobile produced 100 120 Price of a loaf of bread $10 $20 Quantity of breads produced 500,000 400,000 Suppose an economy produces and consumes only bread and automobiles. The table above includes data for two different years. Using the year 2000 as the base year, compute the following statistics for each year: nominal GDP, real GDP, GDP price deflator, and the CPI
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