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11 Jul 2020
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.
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.
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2 Jun 2021
