Hamburgers Price in 1993 = $1.00 Quantity produced in 1993 = 100 Quantity produced in 1994 = 75 Price in 1994 = $2.00 %3D What is nominal GDP (Pc x Qc) for 1993 and 1994? 1993: 100*1= $100 1994: 75*23 $150 What is real GDP in 1993 and 1994 if 1993 is our base year? (Pb x Qc) Real GDP of 1993 is= 100*1= $100 Real GDP in 1994 is= 75*1= $75 What is the deflator in 1993 and 1994 (deflator = nominal/real) GDP deflator of 1993= 100/100*100= 100% GDP deflator of 1994= 150/75*100= 200% What is the inflation rate in our hamburger economy? (% change in deflator) Calculate inflation rate if the deflator is 135 in 1995 and 140 in 1996.

Hamburgers Price in 1993 = $1.00 Quantity produced in 1993 = 100 Quantity produced in 1994 = 75 Price in 1994 = $2.00 %3D What is nominal GDP (Pc x Qc) for 1993 and 1994? 1993: 1001= $100 1994: 7523 $150 What is real GDP in 1993 and 1994 if 1993 is our base year? (Pb x Qc) Real GDP of 1993 is= 1001= $100 Real GDP in 1994 is= 751= $75 What is the deflator in 1993 and 1994 (deflator = nominal/real) GDP deflator of 1993= 100/100100= 100% GDP deflator of 1994= 150/75100= 200% What is the inflation rate in our hamburger economy? (% change in deflator) Calculate inflation rate if the deflator is 135 in 1995 and 140 in 1996.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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