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Question Prices and Quantities Year Price of X Quantity of X Price of Y Quantity of Y 2017 $4.00 100 $2.00 180 2018 $5.00 120
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| Prices and Quantities | ||||
| Year | Price of X | Quantity of X | Price of Y | Quantity of Y |
| 2017 | $4.00 | 100 | $2.00 | 180 |
| 2018 | $5.00 | 120 | $2.50 | 200 |
| 2019 | $6.00 | 150 | $3.50 | 200 |
Answer the following questions with explanation.
- Calculate the nominal GDP for 2017, 2018, and 2019.
- Calculate the real GDP for 2017, 2018, and 2019 by using 2017 as the base year.
- Calculate the GDP deflator for 2018 and 2019 and determine the economy's inflation rate.
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Managerial Economics And Strategy
Authors: Jeffrey M. Perloff, James A. Brander
3rd Edition
0134899709, 978-0134899701
