Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years.20152015QuantityPrice140$55000420000$20GoodAutomobilesBread2010Quantity80600000Round answers to to places after the decimal where necessary2010 Nominal GDP = $a. Using 2010 as the base year, compute nominal GDP, real GDP, the implicit price deflator for GDP, and the CPI for each year.2010 Real GDP = $2010Price2010 GDP deflator =2010 CPI =$48000$92015 Nominal GDP = $2015 Real GDP = $2015 GDP deflator =2015 CPI =

Nominal GDP is that GDP which are measured on current year price level on the other Real GDP is that…

Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years. 2015 2015 Quantity Price 140 $55000 420000 $20 Good Automobiles Bread 2010 Quantity 80 600000 Round answers to to places after the decimal where necessary a. Using 2010 as the base year, compute nominal GDP, real GDP, the implicit price deflator for GDP, and the CPI for each ye 2010 Nominal GDP = $ 2010 Real GDP = $ 2010 Price $48000 $9 2010 GDP deflator = 2010 CPI = 2015 Nominal GDP = $ 2015 Real GDP = $ 2015 GDP deflator = 2015 CPI =