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The following table summarized the prices and quantities of all goods traded in an economy in 2019 and 2020.The government chooses 2019 as the base
The following table summarized the prices and quantities of all goods traded in an economy in 2019 and 2020.The government chooses 2019 as the base year.
20192020GoodsPriceQuantityPriceQuantityX$4030$3540Y$2024$2220X$3345$4050
Additional information:
- Goods are produced within the country unless otherwise stated.
- Good X: They are equally split between households and firms; however, firms purchase all the goods from their foreign suppliers.
- Good Y: Households consume all of the good, and 30% of them is imported goods.
- Good Z: Households purchase 60% of the good while firms purchase 20%.The remaining amount is equally split between domestic and foreign governments.
Find the GDP deflator in 2020.Keep your answer to 2 decimal places & the GDP deflator in the base year = 100.
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