Suppose there is an economy that produces only Houses (H). Fill in the rest of the table below. rGDP ($2018) and rGDP ($2019) denote real GDP using 2018 and 2019 prices, respectively, where NGDP stands for nominal GDP. Table 1: Economy Year # of H Price of H NGDP rGDP ($2018) rGDP ($2019) rGDP ($2020) 2018 8 $1,000 $8,000 $8,000 $24,000 2019 10 $1,500 $15,000 $15,000 2020 15 $3,000 $45,000 $15,000 $45,000 Calculate inflation in 2019 and 2020. (Note: this is two separate calculations)

Suppose there is an economy that produces only Houses (H). Fill in the rest of the table below. rGDP ($2018) and rGDP ($2019) denote real GDP using 2018 and 2019 prices, respectively, where NGDP stands for nominal GDP. Table 1: Economy Year # of H Price of H NGDP rGDP ($2018) rGDP ($2019) rGDP ($2020) 2018 8 $1,000 $8,000 $8,000 $24,000 2019 10 $1,500 $15,000 $15,000 2020 15 $3,000 $45,000 $15,000 $45,000 Calculate inflation in 2019 and 2020. (Note: this is two separate calculations)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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