a - e please. TimeYear 1Year 2Price ofApples46Quantity ofApples1510Price ofOranges105Quantity ofOranges4203. The table above shows data for the economy of Fruitland, which produces two goods, apples and oranges.(a) Calculate the nominal gross domestic product (GDP) for year 2.(b) Using year 1 as the base year, calculate real GDP for year 2.(c) Calculate the GDP deflator for year 2.(d) Assuming the market basket is composed of the quantities in year 1, calculate the consumer price index(CPI) for year 2.(e) Suppose apple and orange pickers received a 2 percent increase in their wages. Based on your answer topart (d), would real wages of apple and orange pickers increase, decrease, or stay the same from year 1to year 2 ? Explain.

Nominal GDP is the value of total goods and services produced in the country. It can be calculated…

Time Year 1 Year 2 Price of Apples 4 6 Quantity of Apples 15 10 Price of Oranges 10 5 Quantity of Oranges 4 20 3. The table above shows data for the economy of Fruitland, which produces two goods, apples and oranges. (a) Calculate the nominal gross domestic product (GDP) for year 2. (b) Using year 1 as the base year, calculate real GDP for year 2. (c) Calculate the GDP deflator for year 2.

Time Year 1 Year 2 Price of Apples 4 6 Quantity of Apples 15 10 Price of Oranges 10 5 Quantity of Oranges 4 20 3. The table above shows data for the economy of Fruitland, which produces two goods, apples and oranges. (a) Calculate the nominal gross domestic product (GDP) for year 2. (b) Using year 1 as the base year, calculate real GDP for year 2. (c) Calculate the GDP deflator for year 2.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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