Question 1 As president of Econ Land, your economic advisor, A. Boom, brings you the following figures representing your nation's economic performance in recent years.
Question 1 As president of Econ Land, your economic advisor, A. Boom, brings you the following figures representing your nation's economic performance in recent years. 2015 2020 Product Quantity Price Quantity Price Medical Exams 4 $100 5 $120 Tacos 60 $5 70 $6 Phones 1 $200 1 $250 Cheese 10 $2 20 $3 Use the figures to calculate nominal GDP in 2015 and 2020. Assume all cheese is used to as an ingredient for tacos.How much have prices in Econ Land increased from 2015 to 2020? Use the GDP Deflator and answer in percentage price change format
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