Show your work for the following questions.if nominal output rises from$240billion to $259 billion,and the GDP deflator rises from 100to105. a) what is the percentage increase in nominal output? b) what is the percentage increase in the price index? c) By how much does real output change? d) To what value would the deflator have had to rise for real income to remain constant? Please kindly answer all these questions

Show your work for the following questions.if nominal output rises from$240billion to $259 billion,and the GDP deflator rises from 100to105. a) what is the percentage increase in nominal output? b) what is the percentage increase in the price index? c) By how much does real output change? d) To what value would the deflator have had to rise for real income to remain constant? Please kindly answer all these questions

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

Problem 6TY

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Show your work for the following questions.if nominal output rises from $240billion to$259 billion and the GDP deflator rises from 100to 105. a) to what value would the deflator have had to rise for real income to remain constant?
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