GDP personal consumption expenditures (cont’d). Refer to Exercise 14.11. Suppose the output quantities in 1970, measured in billions of units purchased, are as follows: Durable goods: 10.9 Nondurable goods:14.02Services:42.6

a. Use the outputs to calculate the Laspeyres index from 1970 to 2020 (same increments as in Exercise 14.11) with 1970 as the base period.

b. Plot the simple composite index of Exercise