Maurice Tutor

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Category > Economics Posted 06 May 2018 My Price 8.00

hot dogs and ham burgers

7. °Launchpad . Consider an economy that produces and consumes hot dogs and ham burgers. In the following table are data for two different years. 2010 2015 Good Hot dogs Hamburgers Quantity Price Quantity Price 200 $2 250 200 $3 500 $4 a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI b. By what percentage did prices rise between 2010 and 2015? Give the answer for each good and also for the two measures of the overall price level. Compare the answers given by the Laspeyres and Paasche price indexes. Explain the difference.

7. °Launchpad . Consider an economy that produces and consumes hot dogs and ham burgers. In the following table are data for two different years. 2010 2015 Good Hot dogs Hamburgers Quantity Price Quantity Price 200 $2 250 200 $3 500 $4 a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as the CPI b. By what percentage did prices rise between 2010 and 2015? Give the answer for each good and also for the two measures of the overall price level. Compare the answers given by the Laspeyres and Paasche price indexes. Explain the difference.

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Maurice Tutor
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Status NEW Posted 06 May 2018 08:05 PM My Price 8.00

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