Use the following price and quantity data for this question. For chain-weight with price average, use the method discussed in class. Year 1 Quantity Price 10 5 Y 20 10 Year 2 Quantity Price 15 10 Y 40 15 а) Fill in the following chart: real GDP (base-year 1) |(base=year2) Year Nominal GDP real GDP real GDP |(chain-weight with price average) Year 1 Year 2 b) Fill in the follow chart, which asks you to calculate the inflation rate between years 1 and 2 using the Implicit GDP Price Deflator in three ways: year 1 as base year, year 2 as base year, and chain- weighting using price average. Inflation rate (%) Base = Year 1 Base = Year 2 Chain-weighted, price average

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