Reference no: EM131242572
Consider an economy that produces Camembert and wine Prices and production of camembert for 2010, 2011, and 2012 in that order:
2010 2011 2012
Price 10 14 18
Quantity 20000 20500 21000
Prices and production of wine for 2010, 2011, and 2012 in that order:
2010 2011 2012
Price 50 52.5 55
Quantity 3000 4000 6000
For calculations involving the fixed-weight and variable-weight indexes use 2010 as the base year
a. Compute nominal GDP for each
b. Compute the Fixed Weight Price Index for each year
c. Compute the variable weight price index for each year
d. Compute the rates of inflation in 2011 and 2012 using the fixed weight price index and the variable weight price index
e. Compute real GDP in 2010, 2011 and 2012 by deflating nominal GDP's in the above three years using the fixed weight price index and the variable weight price index
f. Compute real GDP growth rates in 2011 and 2012 using the fixed weight price index and the variable weight price index
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