1. Those are the production numbers for 3 different years for country BYearQuantity ofbananas kg.Price ofQuantity ofbackrubsPrice ofBananas $backrubs $11.006.001.006.00732.00106.009.Calculate real and nominal GDP for year 1, 2 and year 3 when base year is year 1.b. Compute inflation in country B from period 1 to period 2.c. Compute inflation rate from period 1 to 3d. Compute inflation rate from period 2 to 3e. Calculate GDP with Chain weighted method for period 3. Compare the result with thea.answer in part a.

Year Price of Quantity of bananas kg. Quantity of backrubs Price of Bananas $ backrubs $ 1 1.00 6.00 5 1.00 6.00 7 2.00 10 6.00 9. a. Calculate real and nominal GDP for year 1, 2 and year 3 when base year is year 1. p. Compute inflation in country B from period 1 to period 2. C. Compute inflation rate from period 1 to 3 d. Compute inflation rate from period 2 to 3 e. Calculate GDP with Chain weighted method for period 3. Compare the result with the answer in part a. 2.

Year Price of Quantity of bananas kg. Quantity of backrubs Price of Bananas $ backrubs $ 1 1.00 6.00 5 1.00 6.00 7 2.00 10 6.00 9. a. Calculate real and nominal GDP for year 1, 2 and year 3 when base year is year 1. p. Compute inflation in country B from period 1 to period 2. C. Compute inflation rate from period 1 to 3 d. Compute inflation rate from period 2 to 3 e. Calculate GDP with Chain weighted method for period 3. Compare the result with the answer in part a. 2.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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