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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

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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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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