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d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 2011? Show and briefly discuss your work Chapter 11 Problem 8: Remember to show all work and briefly discuss your results. The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. Discuss your results Month Price of Meat Price of Potatoes January February $3.50 $1.50 $3.38 $0.60 March $4.00 $1.40 Calculate the cost of a basket of goods for each month. а. Calculate the consumer price index (CPI) for February and March. b. Calculate the inflation rate for February? с. What is the percentage change of price for the two goods from January to March? d. 5 LS

d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 2011? Show and briefly discuss your work Chapter 11 Problem 8: Remember to show all work and briefly discuss your results. The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. Discuss your results Month Price of Meat Price of Potatoes January February $3.50 $1.50 $3.38 $0.60 March $4.00 $1.40 Calculate the cost of a basket of goods for each month. а. Calculate the consumer price index (CPI) for February and March. b. Calculate the inflation rate for February? с. What is the percentage change of price for the two goods from January to March? d. 5 LS

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 2011? Show and briefly discuss your work Chapter 11 Problem 8: Remember to show all work and briefly discuss your results. The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. Discuss your results Month Price of Meat Price of Potatoes January February $3.50 $1.50 $3.38 $0.60 March $4.00 $1.40 Calculate the cost of a basket of goods for each month. а. Calculate the consumer price index (CPI) for February and March. b. Calculate the inflation rate for February? с. What is the percentage change of price for the two goods from January to March? d. 5 LS
Transcribed Image Text:d. What was nominal GDP, real GDP, and the GDP deflator for 2011? Show your work. e. What was the inflation rate for 2010? For 2011? Show and briefly discuss your work Chapter 11 Problem 8: Remember to show all work and briefly discuss your results. The table below lists the per pound prices of meat and potatoes for the months of January, February, and March. Assume that the typical consumer buys 25 pounds of meat and 15 pounds of potatoes each month, and that January is the base period. Discuss your results Month Price of Meat Price of Potatoes January February $3.50 $1.50 $3.38 $0.60 March $4.00 $1.40 Calculate the cost of a basket of goods for each month. а. Calculate the consumer price index (CPI) for February and March. b. Calculate the inflation rate for February? с. What is the percentage change of price for the two goods from January to March? d. 5 LS
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