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28 Sep 2019
Given the following data, calculate the national product, the rate of growth of the national product, real national product (chained method), and the implicit price deflator.
price
quantity
Good A
Good B
Good C
Good A
Good B
Good C
Year 1
$4
$6
$3
10
12
15
Year 2
$4
$7
$4
12
10
16
Year 3
$5
$6
$5
13
11
17
Given the following data, calculate the national product, the rate of growth of the national product, real national product (chained method), and the implicit price deflator.
|
price |
quantity |
|||||
|
|
Good A |
Good B |
Good C |
Good A |
Good B |
Good C |
|
Year 1 |
$4 |
$6 |
$3 |
10 |
12 |
15 |
|
Year 2 |
$4 |
$7 |
$4 |
12 |
10 |
16 |
|
Year 3 |
$5 |
$6 |
$5 |
13 |
11 |
17 |
Chika IlonahLv10
28 Sep 2019
Related textbook solutions
Related questions
Using the data below, find the next set of questions:
Data for period t
| Good | Quantity (million) | Price |
| A | 40 | $5 |
| B | 25 | $2 |
| C | 2 | $15 |
Data for t+1
| Good | Quantity (million) | Price |
| A | 60 | $4 |
| B | 10 | $4 |
| C | 5 | $10 |
a. Derive the base-year-quantity price index.
b. Derive the current-year-quantity price index.
c. Assuming that this economy produces only the three goods listed above, derive the real GDP for the year t+1.
