Year 2016 2017 2018 2019 Cow P $300 $350 $370 $380 Q 1000 1050 1100 1200 Bicycle P $120 $130 $140 $150 Q 1200 1300 1500 1600 1. Calculate nominal GDP for each year 2. Calculate real GDP for each year 3.

Year

2016
2017
2018
2019
Cow
P
$300
$350
$370
$380
Q
1000
1050
1100
1200
Bicycle
P
$120
$130
$140
$150
Q
1200
1300
1500
1600

1. Calculate nominal GDP for each year
2. Calculate real GDP for each year
3. Calculate GDP deflator and inflation rate

1 Answer

Year 2016 2017 2018 2019 Cow P $300 $350 $370 $380 Q 1000 1050 1100 1200 Bicycle P $120 $130 $140 $150 Q 1200 1300 1500 1600 1. Calculate nominal GDP for each year 2. Calculate …

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