Year Price of Hot Dogs Quantity of Hot Dogs Price of Hamburgers Quantity of Hamburgers 2018 $1 100 $1 100 2019 $1.5 150 $1.5 150 2020 $2 200 $2 200 1-1. Calculate Nominal and Real GDP (Use 2018 as base year). Show your work! 1-2. Calculate the GDP Deflator. What's the percentage increase in Price Level between 2018 and 2019? Show your work!

Year Price of Hot Dogs Quantity of Hot Dogs Price of Hamburgers Quantity of Hamburgers 2018 $1 100 $1 100 2019 $1.5 150 $1.5 150 2020 $2 200 $2 200 1-1. Calculate Nominal and Real GDP (Use 2018 as base year). Show your work! 1-2. Calculate the GDP Deflator. What's the percentage increase in Price Level between 2018 and 2019? Show your work!

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Calculate the change in price level in 2019 compared to 2009 using GDP deflator. Show calculations.