Final answer:
To compute the statistics for each year in the given economy, you need to use the formulas for nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index.
Step-by-step explanation:
To compute the statistics for each year, you need to use the formula:
Nominal GDP = Quantity * Price
Real GDP = Quantity * Base Year Price
Implicit Price Deflator = (Nominal GDP / Real GDP) * 100
Fixed-Weight Price Index = (Nominal GDP / Base Year Nominal GDP) * 100
For example, in 2010:
Nominal GDP = (200 * $2) + (200 * $3) = $400 + $600 = $1,000
Real GDP = (200 * $2) + (200 * $3) = $400 + $600 = $1,000
Implicit Price Deflator = ($1,000 / $1,000) * 100 = 100
Fixed-Weight Price Index = ($1,000 / $1,000) * 100 = 100